Legacy Housing announces $48mn IPO
Dallas-based prefabricated home manufacturer, Legacy Housing Corporation, announced this week the pricing of its initial public offering of 4mn shares of common stock at US$12 per share. Gross proceeds are expected to total $48mn before the deduction of underwriting discounts, commissions and expenses payable.
Legacy Housing Corporation is the fourth-largest manufacturer of prefabricated homes in the United States, with operations focused in the southern US. The company produces homes ranging in size from 390 to 2,667 square feet consisting of 1 to 5 bedrooms, with 1 to 3 1/2 bathrooms, and ranging in price from $22,000 to $95,000.
Legacy Housing will reportedly use the proceeds from the offering to expand its retail presence in the southern United States, as well as provide financing solutions to select housing community-owner customers, repay debt, and pursue possible acquisitions.
The offering is being made through an underwriting group led by B. Riley FBR, Oak Ridge Financial and National Securities Corporation. Legacy Housing is now trading on the Nasdaq under the ticker symbol “LEGH” and the offering will close on December 19, 2018.