SCOTTSDALE, AZ -- Taylor Morrison Home Corporation announced the launch of its initial public offering in the United States of 23,810,000 shares of its Class A common stock. The initial public offering price is currently expected to be between $20.00 and $22.00 per share of Class A common stock. The shares have been approved for listing on the New York Stock Exchange and trading under the ticker symbol "TMHC," subject to official notice of issuance. The underwriters have the option to purchase from the Company up to an additional 3,571,500 shares of Class A common stock, on the same terms and conditions, to cover over-allotments, if any.
The Company intends to use approximately $195.0 million of the net proceeds of the offering to purchase ownership interests in its direct operating subsidiary and to finance the redemption of a portion of the senior notes issued and guaranteed by its other subsidiaries. The Company also intends to use approximately $275.0 million of the net proceeds of the offering, together with cash on hand, to purchase additional ownership interests in its direct operating subsidiary held by its current equity sponsors and certain of its officers and directors.
Credit Suisse, Citigroup, Deutsche Bank Securities, Goldman, Sachs & Co., J.P. Morgan and Zelman Partners will act as joint book-running managers for the offering. A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission ("SEC") but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time that the registration statement becomes effective.