Newport Beach-based homebuilder Landsea Homes has become a publicly-traded company and closed its first day on Wall Street worth roughly $450 million.
Landsea — controlled by Landsea Green Properties Co. of China — began trading on the Nasdaq market on Friday, January 8, after completing a merger with a shell company, LF Capital Acquisition.
Landsea started its U.S. business in 2013 and now owns two-thirds of the public company trading with the ticker LSEA. LF Capital was formed in 2018 by selling $155 million in stock, funds targeted for buying a company in the financial services industry. Landsea shares closed unchanged at $10.15.
It’s been a quick ramp-up for the homebuilder, primarily constructing in California and Arizona.
According to company documents, third-quarter revenue increased 78% to $218.5 million including sales by newly acquired Garrett Walker Homes in Arizona. Net income from Landsea Homes increased 71% to $3.2 million.
Net new home orders increased 175% in a year to 504 homes with 922 homes in the backlog to construct — up 262% in a year. Those future homes are worth a combined $440 million.
“Our dedicated and experienced team has built Landsea to where it is today, and we are very excited for what the future holds,” said Landsea Homes CEO John Ho.
Source: Orange County Register