WCI Communities, which develops luxury residential communities and homes in coastal Florida, lowered the proposed deal size for its upcoming IPO on Wednesday. The Bonita Springs, FL-based company now plans to raise $109 million by offering 6.8 million shares at a price range of $15 to $17. The company had previously filed to offer 8.4 million shares (19% insider) at a range of $21 to $23. Insiders are no longer selling on the deal. At the midpoint of the revised range, WCI Communities will raise 41% fewer proceeds than previously anticipated.
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. It is expected to price during the week of July 22, 2013.
