The company raised $233 million in the IPO, which it said it plans to use to acquire land. Tri Pointe currently builds houses in California and Colorado. Another homebuilder, Taylor Morrison Home Corp., also has filed to raise $250 million in an IPO.
Demand for new homes is driving the new players. The National Association of Homebuilders (NAHB) estimated that 2013 demand for new homes would reach 650,000, up 22% from 2012, though still well below what the NAHB calls a “normal” rate of 1.3 million new homes a year.
Tri Pointe is controlled by Barry Sternlicht’s Starwood Capital Group LLC, will own about 45% of the company’s stock following the IPO. Sternlicht-controlled Starwood Capital Trust Inc. (NYSE: STWD) and Starwood Capital Group recently paid $1.05 billion for distressed property firm LNR Property LLC.
Tri Pointe’s shares are up nearly 14% at $19.36 in the first hour of trading today.
Credit Card Companies Are Doing Something Nuts
Credit card companies are at war. The biggest issuers are handing out free rewards and benefits to win the best customers.
It’s possible to find cards paying unlimited 1.5%, 2%, and even more today. That’s free money for qualified borrowers, and the type of thing that would be crazy to pass up. Those rewards can add up to thousands of dollars every year in free money, and include other benefits as well.
We’ve assembled some of the best credit cards for users today. Don’t miss these offers because they won’t be this good forever.
Flywheel Publishing has partnered with CardRatings for our coverage of credit card products. Flywheel Publishing and CardRatings may receive a commission from card issuers.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
