California homebuilder City Ventures files for a $150 million IPO

By Renaissance Capital,

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City Ventures, a California homebuilder focused on developing constrained coastal urban infill areas, as well as high demand suburban locations, filed on Tuesday with the SEC to raise up to $150 million in an initial public offering. The company was formed in April 2013, but its predecessor was founded in 2009.

The Newport Beach, CA-based company, which booked $97 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol CTYV. City Ventures initially filed confidentially on May 9, 2013. Deutsche Bank and Goldman Sachs are the joint bookrunners on the deal. No pricing terms were disclosed.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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