BUZZ-Landsea Homes falls on pricing secondary offering

Reuters2024-12-06
BUZZ-Landsea Homes falls on pricing secondary offering

** Shares of Landsea Homes LSEA.O down 6.2% at $10.51 early Fri after overnight secondary offering priced

** Dallas, Texas-based residential homebuilder announces ~6.1 mln shares at $10.25

** Offering size increased from ~5 mln shares, priced at 8.5% discount to stock's last close

** Sellers are Landsea Holdings Corp and Ever Fast Holdings, which owned stakes of 24.9% and 11.3%, respectively, prior to offering

** LSEA has ~36.3 mln shares outstanding for ~$380 mln market cap, and ~20.5 mln shares of public float, per LSEG

** B. Riley Secs sole bookrunner for offering

** With move on the session, shares off ~20% YTD

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))

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