William Lyon Homes, Western U.S. regional homebuilders, announced the pricing of initial public offering of 8.7 million shares of Class A Common Stock at $25.00 per share, above the expected range.
In an amended regulatory filing with the U.S. Securities and Exchange Commission, the company had expected to price the initial public offering of 8.7 million common shares between $22.00 and $24.00 per share.
A total of 6.525 million shares are being offered by the company, and a total of 2.175 million shares are being offered by a selling stockholder.
The company expects Class A Common Stock to begin trading on the New York Stock Exchange under the ticker symbol "WLH" on May 16, 2013.
The company and the selling stockholder have also granted the underwriters a 30-day option to buy up to 1.305 million shares of Class A Common Stock, including 652,500 additional shares from the company and 652,500 additional shares from the selling stockholder.
The Newport Beach, California-based builder expects total offering net proceeds to the company after expenses will be approximately $149.9 million.
The company intends to use offering net proceeds for growth capital, including acquisition of land currently under contract or non-binding letters of intent, and for general corporate purposes. The company said it will not receive any proceeds from the sale of shares by the selling stockholder.
Credit Suisse, Citigroup and J.P. Morgan acted as joint book-running managers for the offering, and Zelman Partners LLC, Houlihan Lokey and Comerica Securities acted as co-managers for the offering.
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