LGI Homes Inc. filed plans for an initial public offering of up to $125 million as the company looks to be the latest homebuilder to capitalize on the housing recovery.
LGI said it expects to use $36.9 million of the proceeds to acquire all of the joint venture interests of GTIS Partners LP that it doesn't own. The rest of the proceeds would go toward working capital and general corporate purposes, the company said in a filing with the U.S. Securities and Exchange Commission.
LGI specializes in so-called "entry level" homes, with core markets in Texas, Florida, Arizona and Georgia.
For the six months ended June 30, the company reported that its net income had more than doubled to $7.6 million, with revenue more than doubling to $58 million.
Five homebuilders have held IPOs this year through July. The latest homebuilder to hold one was Florida's WCI Communities Inc. (WCIC), which debuted in late July.
LGI said it intends to apply for listing on the Nasdaq Global Select Market under the symbol LGIH.
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