Shares of homebuilder The New Home Company LLC (NWHM.N), rose as much as 6 percent in their trading debut, valuing the company at about $191.5 million.
The California-based company raised $86 million after its initial public offering of 7.8 million shares was priced at $11 each, significantly below its expected pricing range of $15-$17.
All the shares in the offering were sold by the company, which focuses on design, construction and sale of homes mainly in California, including coastal Southern California, the San Francisco Bay area and metro Sacramento.
The company's shares opened at $11.50 and touched a high of $11.64 on the New York Stock Exchange.
Goldman Sachs, Credit Suisse, Deutsche Bank and Merrill Lynch, Pierce, Fenner & Smith were lead underwriters to the offering.
(Reporting By Neha Dimri in Bangalore; Editing by Joyjeet Das)