Taylor Morrison said on Monday that it planned to raise as much as $602.4 million in its initial public offering as the home builder seeks to take advantage of a nascent revival in the housing markets.
In an amended prospectus, Taylor Morrison said that it expected to price its offering at $20 to $22 a share. At the midpoint of the range, the company would be valued at about $2.6 billion.
The company has benefited from an upswing in new home construction. It reported $430.8 million in net income last year, more than 15 times what it earned in 2011. It closed on 4,014 homes with an average sales price of $364,000.
Taylor Morrison, which filed for an I.P.O. in December, focuses on building houses in Texas, California, Florida, Arizona and Colorado, as well as Ontario, Canada. It operates under its own name, as well as the Darling Homes and Monarch brands.
Since 2011, it has been owned by TPG Capital and Oaktree Capital Management, which bought the home builder from Taylor Wimpey of Britain for $955 million.
Taylor Morrison’s offering is being led by Credit Suisse and Citigroup.
