WCI Communities, which develops luxury residential communities and homes in Florida, announced terms for its IPO on Monday. The Bonita Springs, FL-based company plans to raise $185 million by offering 8.4 million shares (19% insider) at a price range of $21 to $23. At the midpoint of the proposed range, WCI Communities would command a market value of $567 million.
WCI Communities, which was founded in 1946 and booked $262 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol WCIC. WCI Communities initially filed confidentially on April 19, 2013. Citi, Credit Suisse and J.P. Morgan are the joint bookrunners on the deal.
