Smith Douglas Homes, an homebuilder in the southeastern US focused on single-family homes, raised $162 million by offering 7.7 million shares at $21, the high end of the range of $18 to $21.
Smith Douglas Homes is engaged in the design, construction, and sale of single-family homes in the southeastern US, targeting communities with entry-level and empty-nest homebuyers. The company's goal is to become one of the most dominant homebuilders in the south and southeast, and intends to grow operations within its existing footprint as well as expand into new markets. During the year ended December 31, 2022, Smith Douglas closed 2,200 homes, representing a five-year CAGR of +16%, and grew revenue at a +26% CAGR over the same period.
Smith Douglas Homes plans to list on the NYSE under the symbol SDHC. J.P. Morgan, BofA Securities, RBC Capital Markets, Wells Fargo Securities, Nomura Securities, WR Securities, and Zelman Partners LLC acted as joint bookrunners on the deal.
