NEWPORT BEACH, Calif. (AP) — William Lyon Homes has raised $217.5 million from its initial public offering of 8.7 million shares.
The homebuilder said that the offering priced at $25 per share, above the projected range of $22 to $24 per share.
William Lyon is offering approximately 6.5 million shares, while about 2.2 million shares are being offered by a selling stockholder. The Newport Beach, Calif., company won't receive any proceeds from shares sold by the selling stockholder.
William Lyon anticipates about $149.9 million in net proceeds, after taking out an underwriting discount and estimated offering expenses. It plans to use the proceeds for growth capital, including the acquisition of land currently under contract or non-binding letters of intent, and for general corporate purposes.
William Lyon and selling stockholder are giving the underwriters a 30-day option to buy up to 1.3 million shares.
The shares are expected to start trading on the New York Stock Exchange on Thursday under the "WLH" ticker symbol.
William Lyon makes single-family homes in California, Arizona, Nevada and Colorado.