Thomas James Homes, a leading builder of single-family replacement homes, withdrew its plans for an initial public offering on Wednesday. It originally filed in September 2021 with a proposed deal size of $100 million.
Thomas James Homes provides a cloud-based platform, called Fuse360, that enables it to identify and acquire older, existing houses on non-contiguous homesites in urban neighborhoods and then build new homes on those homesites. Fuse360 aims to be a marketplace that connects homebuyers, subcontractors, realtors, and other constituents. The company claims its platform tracks approximately 5,000 distinct tasks per home and simultaneously manages hundred of single, non-contiguous homesite projects.
The Aliso Viejo, CA-based company was founded in 2006 and booked $431 million in revenue for the 12 months ended June 30, 2021. It had planned to list on the Nasdaq under the symbol TJH. J.P. Morgan, Citi, BofA Securities, RBC Capital Markets, and BTIG were set to be the joint bookrunners on the deal.
