The recession and the housing bust are getting farther and farther away and must be part of everyone’s distant memory. A company called Taylor Morrison Home Corporation is soon to come public in an initial public offering. Demand for the offering must be very high because the company now shows that it is planning to raise up to $500 million in a common stock sale versus its prior $250 million indicated.
Taylor Morrison will take the ticker “TMHC” on the New York Stock Exchange. Credit Suisse and Citigroup are the book-runners. Co-managers are listed as Deutsche Bank Securities, Goldman Sachs, J.P. Morgan, and Zelman Partners LLC.
This builder makes homes and planned communities in Florida, Texas, Colorado, Arizona, and California. Canada is a market as well. Its IPO filing said, “During the nine months ended September 30, 2012, we closed 2,586 homes, consisting of 1,880 homes in the United States and 706 homes in Canada, including 204 homes in unconsolidated joint ventures, with an average sales price across North America of $347,000.”
Its filing also said, “As of September 30, 2012, we offered homes in 122 active selling communities and had a backlog of 4,205 homes sold but not closed, including 903 homes in unconsolidated joint ventures, with an associated backlog sales value of approximately $1.5 billion.”
The news may be of little surprise to IPO watchers. So far in 2013 we have seen the Boise Cascade Co. (NYSE: BCC) initial public offering bring that company public again. We also saw that homebuilder TRI Pointe Homes Inc. (NYSE: TPH) was the first homebuilder IPO in about 9 years.