BONITA SPRINGS, FL -- WCI Communities, Inc. announced the launch of its initial public offering of 8,410,000 shares of its common stock, 6,819,091 shares of which will be sold by the Company and 1,590,909 shares of which will be sold by selling stockholders. The initial public offering price is currently expected to be between $21.00 and $23.00 per share of common stock. The Company's common stock has been approved, subject to official notice of issuance, for listing on the New York Stock Exchange under the ticker symbol "WCIC." The underwriters will have the option to purchase up to an additional 1,261,500 shares of common stock from the selling stockholders.
The Company expects to receive net proceeds of approximately $135.5 million from the offering and intends to use such proceeds for general corporate purposes, including the acquisition and development of land and home construction.
Headquartered in Bonita Springs, Florida, the Company is a lifestyle community developer and luxury homebuilder of single- and multi-family homes in most of coastal Florida's highest growth and largest markets. The Company has established a reputation and strong brand recognition for developing amenity rich, lifestyle oriented master-planned communities and, including its predecessor companies, has a legacy that spans more than 60 years. The Company also operates real estate brokerage and title services businesses that complement its homebuilding operations.