WASHINGTON (dpa-AFX) - Luxury home builder WCI Communities Inc. announced Friday that it has filed with U.S. regulators to raise up to $150 million in an initial public offering of its common stock. Pricing terms of the offering were not disclosed.
The Bonita Springs, Florida-based company, intends to list its common stock on the New York Stock Exchange under the symbol 'WCIC.'
WCI Communities expects to use offering proceeds for the acquisition and development of land, and the remainder of the net proceeds for general corporate purposes, including home construction.
Citigroup, Credit Suisse and J.P. Morgan as lead underwriters to its offering.
WCI builds single-and multi-family homes and develops golf courses, marinas and other amenities as part of its planned communities in coastal Florida. The company owns or controls around 8,300 home sites .
On August 4, 2008, its predecessor company and 126 of its subsidiaries (excluding its Watermark real estate brokerage, its mortgage business and certain other joint ventures) filed voluntary petitions for reorganization relief under the provisions of Chapter 11 of Title 11 of the U.S. Bankruptcy Code in the Bankruptcy Court. It emerged from bankruptcy in 2009 and focused on shedding assets during the following two years, selling almost all of its properties outside Florida.
The company swung to a first-quarter profit of $586 thousand, compared with a year-earlier loss of $6.67 million, driven by home-building revenue. Total revenues were $53.73 million, higher than the prior year's $33.08 million.
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