flexiblefullpage - default
Currently Reading

Century Communities Launches IPO

billboard - default

Century Communities Launches IPO

Century Communities, Greenwood Village, Colo., becomes the seventh home builder to go public since January 2013 with its common stock listing on the NYSE.

By By Mike Beirne, Editor June 19, 2014
Century Communities at NYSE
Photo courtesy of Century Communities

Century Communities Inc., began trading common stock shares on the New York Stock Exchange under the ticker symbol CCS, making it the seventh home builder to go public since January 2013.

Shares of the Greenwood Village, Colo.-based company closed on June 18 under its initial asking price of $23 a share finishing at $21.25. Trading volume averaged 4.24 million shares, which would have raised somewhere between $89.9 million to $91.9 million based on stock’s low and high selling prices during its debut trading day. The initial public offering is slated to sell 4.48 million shares with 480,000 shares to be sold to certain shareholders of the company. Underwriters have a 30-day option to purchase up to an additional 672,000 shares of common stock to cover any over-allotments. The offering is expected to close June 23.

Century builds single-family, townhomes and flats in Denver, Fort Collins, and Colorado Springs, Colo.; Austin and San Antonio, Texas and most recently in Las Vegas. The additional capital will presumably fund expansion into other major metro Western markets.

According to the SEC filing, the company’s total pro forma revenue for 2013 was $246.7 million and annual revenue from home sales grew 78.2 percent from 2012 to $171.1 million. Closings between the two years increased 33.3 percent to 448 homes, and the average sales price last year was $381,994 compared with $285,802 in 2012. The filing follows the wake of the builder last month securing $200 million in senior unsecured notes at 6.87 percent interest, and a 144A private equity placement last year that netted $223.8 million.

Part of the proceeds from the equity placement was used to acquire Jimmy Jacobs Homes last year, which opened Century Communities’ entry into Texas. In April the builder purchased Dunhill Homes’ Las Vegas operations for $165 million. That deal brought Century Communities’ Las Vegas portfolio to 1,849 lots in nine communities. Overall the builder owns and controls 99 communities in three states containing 10,095 lots.

Century Communities, founded in 2002, has been amassing land since 2009 by focusing on buying finished infill lots in master-planned communities from financially distressed banks and builders. Even during the housing market downturn, the builder was rolling out product in communities and growing revenue by more than 70 percent during each of the past two years. Other builders that have gone public since January 2013 are Taylor Morrison, Scottsdale, Ariz.; WCI Communities, Bonita Springs, Fla.; UCP, San Jose, Fla.; William Lyons, Newport Beach, Calif.; Tri Pointe Homes, Irvine, Calif., and LGI Homes, The Woodlands, Texas.


Related Stories


How the Silicon Valley Bank Failure Could Affect the Housing Market

The collapse of Silicon Valley Bank last Friday led to two other bank closings that rattled the tech industry and the cryptocurrency market. Could panic in the financial markets affect the real estate sector?

Housing Markets

Which States Are Home to the Highest and Lowest Property Taxes?

Homebuyers looking to save money on home expenses when relocating should take property taxes into consideration, especially in these states

Business Management

Advice for Home Builders Navigating a Housing Market in Flux

Successful builders can grow during this housing recession if they plan for it by maintaining liquidity, keeping up their reputation, and actively searching for opportunities

boombox1 -
native1 - default
halfpage2 -

More in Category

native2 - default
halfpage1 -

Create an account

By creating an account, you agree to Pro Builder's terms of service and privacy policy.

Daily Feed Newsletter

Get Pro Builder in your inbox

Each day, Pro Builder's editors assemble the latest breaking industry news, hottest trends, and most relevant research, delivered to your inbox.

Save the stories you care about

Lorem ipsum dolor sit amet lorem ipsum dolor sit amet lorem ipsum dolor sit amet.

The bookmark icon allows you to save any story to your account to read it later
Tap it once to save, and tap it again to unsave

It looks like you’re using an ad-blocker!

Pro Builder is an advertisting supported site and we noticed you have ad-blocking enabled in your browser. There are two ways you can keep reading:

Disable your ad-blocker
Disable now
Subscribe to Pro Builder
Already a member? Sign in
Become a Member

Subscribe to Pro Builder for unlimited access

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.