Homebuilder Smith Douglas valued at $1.21 billion in strong debut (updated)

Smith Douglas Homes

11/01/2024 17:16

(Adds details of the offering, background throughout)
       Jan 11 (Reuters) - Smith Douglas Homes  SDHC.N  notched
a valuation of $1.21 billion in its market debut on Thursday,
after the homebuilder's shares rose 11.9% at open on the New
York Stock Exchange.
    The homebuilder sold 7.69 million shares in its offering,
raising $161.49 million, priced at $21 apiece — the higher end
of the previously estimated range.
    Despite a turbulent economy and sky-high mortgage rates,
Smith Douglas' upbeat debut reflects investor confidence in the
sector with housing demand still paddling strong.

 (Reporting by Sri Hari N S in Bengaluru; Editing by Shilpi
Majumdar)
 ((SriHari.NS@thomsonreuters.com;))