Five Point Holdings (FPH) IPO Opens Up 9%

Today's IPO for Five Point Holdings (NYSE: FPH) opened for trading at $15.20 after pricing 21,000,000 Class A common shares at an initial public offering price of $14.00 per share.

In addition, FivePoint has granted the underwriters a 30-day option to purchase up to 3,150,000 additional Class A common shares to cover any over-allotments.

FivePoint intends to use the net proceeds from the offering to fund its development activities and for other general corporate purposes.

Citigroup, J.P. Morgan, RBC Capital Markets and Wells Fargo Securities are acting as joint book-running managers for the offering and as representatives of the underwriters. Deutsche Bank Securities, Evercore ISI, Zelman Partners LLC and JMP Securities are also acting as joint book-running managers.

FivePoint, headquartered in Aliso Viejo, California, designs and develops mixed-use, master-planned communities in coastal California. FivePoint is developing vibrant and sustainable communities in Orange County, Los Angeles County, and San Francisco County that will offer homes, commercial, retail, educational, and recreational elements as well as civic areas, parks, and open spaces. FivePoint’s three communities are: Great Park Neighborhoods® in Irvine, Newhall Ranch® near Valencia, and The San Francisco Shipyard/Candlestick Point in the City of San Francisco. The communities are planned to include approximately 40,000 residential homes and approximately 21 million square feet of commercial space, plus infrastructure.

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