Smith Douglas Homes Corp priced its initial public offering (IPO) at the top end of the estimated range on Wednesday, in a bid to raise US$161.5 million.
Some 7.7 million shares went for US$21, having been marked as low as US$18, with the float offering a glimmer of positivity after a slow year of market activity.
Smith Douglas said it would begin trading on the New York Stock Exchange on Thursday under the ‘SDHC’ ticker.
Underwriters were offered 30-day options to purchase an additional 1.5 million shares, the company added.
Smith Douglas, a Georgia-based homebuilder, reported US$93.5 million in net income and revenue of US$547.3 million last year.
This placed it among the largest US housebuilders founded in recent years, according to the company.
The float marks a notable moment for America’s IPO market early on in the year, after 2023 saw proceeds slump 66% on the preceding five-year average, according to EY.