Shares of Taylor Morrison Homes debuted on the New York Stock Exchange on April 10, posting a 4.7 percent price increase in its first day of trading.
Scottsdale, Ariz.-based Taylor Morrison raised $526 million in its initial public offering of 28.6 million shares. The home builder’s stock price opened at $22 a share, hit an intraday high of $23.78, and closed at $23.04.
Company executives said Taylor Morrison also plans to raise more money in the near future with a $500 million debt offering.
After its IPO, the home builder is the nation's sixth-largest public builder in the country based on revenue.
Taylor Morrison constructs homes under its namesake brand and Darling Homes in the U.S. and under the Monarch brand in Canada. The company reported $1.44 billion in revenue during 2012 and sold 4,014 houses.
Analysts say interest in the builder’s shares indicates investors’ demand to cash in on the nation’s housing recovery.
Taylor Morrison is backed by private-equity firms TPG Capital and JH Investments Inc. The home builder’s IPO gives the investment firms a chance to sell their stakes.
Taylor Morrison is trading under the "TMHC" ticker symbol on the New York Stock Exchange.
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