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Newport Beach builder Landsea goes public valued at $450 million

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.

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“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

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