The IPO Buzz: Smith Douglas Homes (SDHC) Launches $150 Million IPO

Smith Douglas Homes Corp. (SDHC proposed) is the first big IPO to set terms in 2024. The Georgia homebuilder plans to offer 7.69 million shares at a price range of $18.00 to $21.00 to raise $150.0 million, according to its S-1 filing early today – Wednesday, Jan. 3, 2024. If the IPO is priced at the $19.50 mid-point, Smith Douglas Homes Corp. would have a market cap of $1 billion.

J.P. Morgan and BofA Securities are leading the joint book-runners’ team, which includes RBC Capital Markets, Wells Fargo Securities, Wolfe/ Nomura Alliance and Zelman Partners. Today’s SEC filing shows that Smith Douglas added Zelman Partners to the joint book-running team.

Smith Douglas Homes Corp.’s IPO is scheduled for pricing next week – on Wednesday night, Jan. 10, 2024 – to trade Thursday, Jan. 11, 2024 – on the New York Stock Exchange.

The company, based in Woodstock, Georgia, describes itself as “one of the nation’s fastest-growing private homebuilders by number of closings,” according to the prospectus. It adds that it is “engaged in the design, construction, and sale of single-family homes in some of the highest growth and most desirable markets in the Southeastern United States.”

Smith Douglas Homes Corp. says its communities are “primarily targeted to entry-level and empty-nest homebuyers.”

For  the 12 months that ended Sept. 30, 2023, Smith Douglas Homes Corp. earned net income of $134.81 million on revenue of $770.71 million, according to financial statements in the prospectus.


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