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.