10-28-2013 08:15 PM

Woodlands homebuilder prices IPO


The Woodlands-based LGI Homes Inc. is planning an initialpublic offering of 9 million shares and expects to receive net proceeds of about $114 million.




The Woodlands-based LGI Homes Inc. is planning an initial public offering of 9 million shares.
The company expects to price the shares between $13 and $15 each and has applied to list them on the Nasdaq Global Select Market under the symbol “LGIH,” according to a Monday filing with the U.S. Securities and Exchange Commission.
LGI expects to receive net proceeds of about $114.2 million and will use $36.9 million to acquire the joint venture interests of New York-based GTIS Partners in the LGI/GTIS Joint Ventures. The remainder of the proceeds will be used for working capital and general corporate purposes, including land acquisition, lot development and home construction.
Underwriters have an option to purchase up to 1.35 million additional shares. Deutsche Bank Securities, JMP Securities and J.P. Morgan are the joint book-running managers, and Barclays, Bank of America Merrill Lynch, BTIG and Builder Advisor Group LLC are the co-managers.
LGI builds entry-level homes in Texas, Arizona, Florida and Georgia. For the three months ended Sept. 30, LGI expects its revenue to be between $36.5 million and $37.5 million. For the 2012 year, the company reported revenue of $76.2 million.
Olivia Pulsinelli is the web producer for the Houston Business Journal's award-winning website. Follow her on Twitter for more.


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