TRI Pointe Homes rises in 1st day of trading

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Associated Press

Posted on January 31, 2013 at 10:02 AM

NEW YORK (AP) — Shares of TRI Pointe Homes climbed more than 14 percent in the home builder's first day of trading.

The company's stock rose $2.48, or 14.6 percent, to $19.48 in Thursday morning trading.

TRI Pointe Homes Inc. raised approximately $232.9 million from its initial public offering of about 13.7 million shares. The offering priced at $17 per share, above the expected price range of $14 to $16 per share

The company said that it is selling 10 million shares, while a fund affiliated with Starwood Capital Group is selling about 3.7 million shares.

TRI Pointe, based in Irvine, Calif., expects net proceeds of about $156.3 million, after deducting an underwriting discount and some expenses.

TRI Pointe's stock is trading on the New York Stock Exchange under the "TPH" ticker symbol.

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