California homebuilder UCP sets terms for $124 million IPO
UCP, a homebuilder and land developer in Northern California, announced terms for its IPO on Monday. The San Jose, CA-based company plans to raise $124 million by offering 7.8 million shares at a price range of $15 to $17. At the midpoint of the proposed range, UCP would command a market value of $293 million. UCP, which was founded in 2004 and booked $66 million in sales for the 12 months ended March 31, 2013, plans to list on the NYSE under the symbol UCP. Citi, Deutsche Bank and Zelman Partners are the joint bookrunners on the deal.