LGI Homes Prices 9 Mln Shares IPO At $11/Shr - Quick Facts

(RTTNews) - LGI Homes, Inc. (LGIH) has priced its initial public offering or IPO of 9 million shares at $11.00 per share. LGI shares may begin trading on the NASDAQ Global Select Market under the symbol "LGIH" on Thursday, November 7, 2013, and the offering is likely to close on November 13, 2013. Further, the underwriters were granted a 30-day option to buy up to 1.35 million additional shares at the IPO price.

LGI expects to receive net proceeds of about $89.1 million, after deducting underwriting discounts and estimated offering expenses. LGI would use $36.9 million net proceeds from the offering as the cash portion of the purchase price to acquire joint venture interests in four joint ventures. LGI owns the other 15% stake in, and manages the day-to-day operations of, these joint ventures. The company expects to use the remainder of the net proceeds for working capital and for general corporate purposes, including the acquisition of land, development of lots and construction of homes.

Deutsche Bank Securities, JMP Securities and J.P. Morgan are joint book-running managers for the offering.