Feb. 13 (Bloomberg) -- Taylor Morrison Home Corp., a builder of houses in the U.S. and Canada, doubled the amount it will seek in a U.S. initial public offering to $500 million.
The Scottsdale, Arizona-based company boosted the offering size in a regulatory filing today, after originally announcing plans in December for a $250 million IPO. The figure is a placeholder used to calculate registration fees and may change.
Taylor Morrison is preparing to go public as home prices and sales recover following the worst crash since the Great Depression. The company may also benefit from increased demand for equities after the Standard & Poor’s 500 Index yesterday reached the highest since 2007. More than three-fourths of U.S. IPOs this year are trading above their offer price.
Boise Cascade Co., a Boise, Idaho-based producer of wood products used in home construction, priced its U.S. IPO above an increased price range earlier this month and gained 31 percent in trading through yesterday.
Homebuilder shares are surging. The S&P Supercomposite Homebuilding Index of 11 companies has gained 13 percent this year after an 84 percent advance in 2012. Tri Pointe Homes Inc., which went public last month in the first builder IPO since 2004, has added 11 percent since the Jan. 30 offering.
Taylor Morrison will be the sixth-biggest public homebuilder in North America based on 2011 revenue, according to its filings.
Proceeds from the IPO will be used to repay debt and for working capital, according to Taylor Morrison’s filing. Credit Suisse Group AG and Citigroup Inc. are leading the offering.
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