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Taylor Morrison Home Files Plans For IPO Of Up To $250M

 December 05, 2012 01:46 PM


(By Balachander) Taylor Morrison Home Corp., a homebuilder, has filed to raise up to $250 million in an initial public offering of its class A common stock.

The filing with the U.S. federal regulators did not disclose how many shares the company plans to offer or the pricing terms.

Headquartered in Scottsdale, Arizona, Taylor Morrison builds single-family detached and attached homes and develop land, which includes lifestyle and master planned communities.

Upon completion of this offering, Taylor Morrison said it will be the sixth largest public homebuilder in North America based on 2011 revenue.

The company plans to use the net proceeds of this offering to acquire partnership interests in TMM Holdings Limited Partnership.

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In 2011, the company generated net income of $76.8 million on revenue of $1.4 billion.

For the nine months ended September 30, 2012, Taylor Morrison earned $81.8 million on revenue of $879.0 million. During the same period, the company closed 2,586 homes, with an average sales price across North America of $347,000.

As of September 30, 2012, Taylor Morrison said it offered homes in 122 active selling communities and had a backlog of 4,205 homes sold but not closed, including 903 homes in unconsolidated joint ventures, with an associated backlog sales value of roughly $1.5 billion.

The company disclosed its pre-tax income margin for the nine months ended Sept. 30 was 9.3 percent, which was the highest among the top 10 public homebuilders for the last three completed fiscal quarters.

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Taylor Morrison is backed by TPG Global, Oaktree Capital Management and JH Investments Inc.

Credit Suisse Securities (USA) LLC and Citigroup Global Markets Inc., along with Zelman Partners LLC, are acting as joint book-running managers for the proposed offering.

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