Community developer Five Point Holdings closed its IPO this week, raising about $320 million with about 21 million shares sold at $14 per share.
The firm’s underwriters exercised the option to for buy an additional 3.15 million shares. Five Point is the developer behind the marquee development Newhall Ranch in Valencia, as well as two other expansive planning communities in Irvine and San Francisco.
Homebuilder Lennar also agreed to invest $100 million in the company, according to the Los Angeles Times. The Miami-based developer already had a 40.2 percent stake in Five Points after the two companies split up in 2009.
The company’s stock closed Wednesday at about $16 a share, or up $2, or 14.2 percent, from the initial IPO price. [LAT] — Cathaleen Chen