Five Point Holdings, which owns and develops master-planned communities in coastal California, announced terms for its IPO on Monday.
The Aliso Viejo, CA-based company plans to raise $399 million by offering 21 million shares at a price range of $18 to $20. At the midpoint of the proposed range, Five Point Holdings would command a fully diluted market value of $2.7 billion and an enterprise value of $2.2 billion.
Five Point Holdings was founded in 2009 and booked $39 million in sales for the 12 months ended December 31, 2016. It plans to list on the NYSE under the symbol FPH. Citi, J.P. Morgan, RBC Capital Markets, Wells Fargo Securities, Deutsche Bank, Evercore ISI, Zelman Partners LLC and JMP Securities are the joint bookrunners on the deal. It is expected to price during the week of May 8, 2017.
