May 24 Luxury home builder WCI Communities Inc
filed with U.S. regulators on Friday to raise up to $150 million
in an initial public offer of its common stock.
The Florida-based company, which designs, sells and builds
homes in coastal Florida, said it expects to benefit from low
interest rates and rising rents that have encouraged more
Americans to buy homes after the housing bust.
The company, which counts Monarch Alternative Capital LP and
Stonehill Institutional Partners LP among its stockholders, did
not reveal how many shares it planned to sell or their expected
WCI Communities expects to use the proceeds raised for the
acquisition and development of land, home construction and for
The U.S. homebuilder sentiment index rose to 44 in May from
41 in April as sales improved, data from the National
Association of Home Builders (NAHB) showed last week.
The stocks of homebuilders Tri Pointe Homes Inc,
William Lyon Homes and Taylor Morrison Home Corp
are trading well above their IPO prices.
The company intends to list its common stock on the New York
Stock Exchange under the symbol "WCIC."
WCI Communities listed Citigroup, Credit Suisse and J.P.
Morgan as lead underwriters to its offering.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.