UCP Prices IPO At $15, At Low End Of Range

(RTTNews) - UCP Inc., a homebuilder and land developer in Northern California and the Puget Sound area of Washington State, announced the pricing of initial public offering of 7.75 million shares of Class A common stock at $15 per share, the low end of the estimated range. The offering is expected to close on July 23, 2013.

In an amended regulatory filing with the U.S. Securities and Exchange Commission, the company had expected to price the initial public offering of 7.75 million Class A common shares between $15 and $17 per share.

The San Jose-based company said that its shares will be listed on the New York Stock Exchange and will trade under the symbol "UCP" beginning on July 18, 2013.

The company also granted underwriters a 30-day option to buy up to an additional 1.16 million shares of Class A common stock at the public offering price less the underwriting discount.

The company expects offering net proceeds to be about $105.6 million after deducting expenses. The company intends to use offering proceeds for general corporate purposes.

Citigroup, Deutsche Bank Securities and Zelman Partners LLC are acting as joint book-runners of the offering.