Homebuilder Smith Douglas valued at $1.21 billion in strong debut

(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 — 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)