Reuters: Global Markets: William Lyon Homes shares surge in NYSE debut

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William Lyon Homes shares surge in NYSE debut May 16th 2013, 13:59 Thu May 16, 2013 9:59am EDT (Reuters) - William Lyon Homes Inc's (WLH.N) shares opened 5 percent above their IPO price in their market debut, valuing the homebuilder at more than $800 million. The Newport Beach, California-based company is the third U.S. homebuilder to go public this year, seizing on investor appetite driven by a housing supply crunch, low interest rates and a recovering economy. Shares rose as much as 8 percent, or $2, above the offer price of $25 in high volume trading early Thursday. William Lyon raised $217.5 million from its IPO after pricing 8.7 million Class A shares at $25 each, above its expected price range of $22 to $24. The company, which emerged from bankruptcy last year, delivered 950 homes in 2012 with an average selling price of $275,000. As of March 31, it had a consolidated backlog of 498 sold but unclosed homes. William Lyon's listing follows those of Tri Pointe Homes Inc (TPH.N), which in January became the first U.S. homebuilder to go public in over a decade, and private equity-backed Taylor Morrison Home Corp (TMHC.N). Both stocks are trading above their IPO prices. Another homebuilder, UCP LLC, has also filed with regulators for an IPO of up to $125 million. (Reporting by Aman Shah in Bangalore; Editing by Sreejiraj Eluvangal) Link this Share this Digg this Email Reprints

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