UCP Inc.'s stocks opened at US$14.75 in its trading debut. This share price was down from the company's IPO share price of US$15. The shares traded under the "UCP" symbol in the New York Stock Exchange. Thursday afternoon saw the stocks fall down 6.9% again at US$13.96.
"Everyone's worried about land prices," stated Dustin Bogue during an interview. Bogue was the chief executive of UCP. "They're thinking about what our space looks like in a couple years. There's a lot of thought going into which [home building] companies to choose, by the buy side, and how to run with them over the next few years," he added.
Previously, the home builder was able to raise US$116.3 million at its IPO. This was at the low end of the company's expected range. A total of 7.8 million shares were sold by the San Jose, California-based company before potential additional share sale to underwriters.
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