IPO for Home Builder Taylor Morrison (TMHC) Opens Higher

April 10, 2013 9:45 AM EDT Send to a Friend
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The IPO for home builder Taylor Morrison (NYSE: TMHC) opened for trading at $23.35 after pricing 28.6 million shares at $22, the top end of the expected $20-$22 range. The IPO size was raised from 23.8 million shares.

Credit Suisse and Citigroup are leading the offering.

Taylor Morrison is one of the largest public homebuilders in North America. Headquartered in Scottsdale, Arizona, the company builds single-family detached and attached homes and develop land, which includes lifestyle and master-planned communities. The company operates under the Taylor Morrison and Darling Homes brands in the United States and under the Monarch brand in Canada.

Taylor Morrison business is organized into three geographic regions: East, West and Canada, which regions accounted for 46%, 37% and 17%, respectively, of net sales orders (excluding unconsolidated joint ventures) for the year ended December 31, 2012.

During the year ended December 31, 2012, the company closed 4,014 homes, consisting of 2,933 homes in the United States and 1,081 homes in Canada, including 232 homes in unconsolidated joint ventures, with an average sales price across North America of $364,000. During the same period, the company generated $1.4 billion in revenues, $430.8 million in net income and $228.8 million in Adjusted EBITDA.




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