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Today: April 08, 2025
Today: April 08, 2025

Homebuilder Smith Douglas valued at $1.21 billion in strong debut

FILE PHOTO: Homes for sale in Washington
April 26, 2024
Reuters - Reuters

(Reuters) - Smith Douglas Homes 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 โ€” 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)

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