Taylor Morrison Home Corp has filed with regulatory authorities an application to raise as much as US$524 million through an initial public offering. The house builder in the US and Canada would offer around 23.8 million shares priced between US$20 and US$22 each.
The company is seeking to ride the wave of recovery in home purchases and prices. The market is on its way back to full rehabilitation after the worst housing crisis since the Great Depression occurred in 2008.
The owners of Taylor Morrison include TPG Capital and Oaktree Capital Management and are also capitalizing on the increasing demand for new equities in the US market and the IPO markets. TPG and Oaktree each own about 55.4 million shares which is 49% of the firm. After the IPO, the two equity firms would retain 48.4 million shares each.
Amongst its areas of business are Arizona, California, Colorado, Texas, Florida and Ontario Canada. Credit Suisse and Citigroup would be managing the IPO.
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