Shares of Newport Beach-based William Lyon Homes traded above their offering price on the day of the company’s initial public offering last Thursday.
The homebuilder raised $217.5 million in its return to the New York Stock Exchange, pricing its Class A common stock at $25 per share. That was more than the $22- to $24-per-share range previously expected for its IPO.
Shares of the company were trading at about $26 as of midday Thursday, giving the company a market value of about $800 million, factoring in Class B common stock.
The IPO marks a quick turnaround in fortunes for the longtime area company, which went private in 2006 and later felt the brunt of the last housing downturn, which resulted in a short stint in bankruptcy that ended early last year.
―Mark Mueller
