(Bloomberg) – Smith Douglas Homes Corp. has launched plans to raise up to $161.5 million in an initial public offering that could be its first U.S. listing in 2024.
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As dozens of potential IPO candidates keep a close eye on signs of a rebound in listings, Smith Douglas Homes said in a filing Wednesday that it plans to sell nearly 7.7 million shares for $18 to $21 each.
The filing follows one of the worst listing years of the last decade, in which just $26 billion was raised on U.S. exchanges, according to Bloomberg data. That's a slight increase from 2022, but less than a twelfth of the record-breaking $339 billion raised in 2021, the data shows.
Listings are pending for more than 170 companies that filed for an IPO last year. The plans of many potential public companies stalled after a quartet of prominent offerings led by semiconductor designer Arm Holdings Plc failed to deliver the results investors wanted in September.
BrightSpring Health Services Inc., backed by KKR & Co., filed its first public filing on Tuesday, another sign that the market may be heating up. Bloomberg News reported in September that the home and community health services provider, which will not announce proposed terms for its IPO until a later date, plans to raise $1 billion through an initial public offering.
Smith Douglas Homes, based in Woodstock, Georgia, had nearly $595 million in home closing revenue in the nine months ended Sept. 30. The founding family will continue to control the company even after the IPO.
The offering is led by JPMorgan Chase & Co., Bank of America Corp., RBC Capital Markets and Wells Fargo & Co. The company plans to trade its shares under the symbol SDHC.
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