Smith Douglas Homes Corp., a Woodstock, Ga., home builder, on Wednesday said it plans to offer 7.69 million shares at an estimated price range of $18 to $21 a share in its upcoming initial public offering. Based on the midpoint of the price range, the company’s IPO will raise about $150 million. JPMorgan, BofA Securities, RBC Capital Markets and Wells Fargo Securities are book-running managers of the upcoming initial public offering. Smith Douglas Homes reported $93.5 million in net income and $547.3 million in revenue in the nine months ending Sept. 30, compared to net income of $99.14 million and revenue of $531.9 million in the year-ago period. Smith Douglas Homes was founded in 2008 by Thomas L. Bradbury, the company’s executive chairman. Bradbury was the founder of Colony Homes of Atlanta in 1975 and was chief executive of the company when it was sold to KB Home
KBH,
in 2003.
Read the full article here