Homebuilder LGI Files for $125 Million Initial Public OfferingMohammed Hadi
LGI Homes Inc., a builder of homes for first-time buyers, filed for a U.S. initial public offering.
LGI, which builds houses in Texas, Arizona, Florida and Georgia, will seek as much as $125 million in the offering, according to a regulatory filing today. The amount is a placeholder used to calculate fees and will probably change.
Homebuilder confidence surged in August to the highest level since November 2005, as the U.S. housing market recovers from its worst crash since the 1930s. Re/Max Holdings Inc., a real estate brokerage franchiser, filed for an IPO earlier this month.
LGI, which focuses on converting renters into buyers, has been profitable every year since it began operations in 2003, according to the filing. The company had revenue of $96 million in the six months through June.
The sale is being managed by Deutsche Bank AG, JMP Securities LLC, and JPMorgan Chase & Co. LGI, based in The Woodlands, Texas, plans to list its shares under the ticker LGIH.