Posted 1/11/2024, 9:07:49 PM
Homebuilder's Successful $162M IPO Boosts Lackluster 2023 US Market, Signals Potential 2024 Turnaround
- Smith Douglas Homes, a Georgia-based homebuilder, had a successful IPO on Thursday, jumping 17% in its debut to deliver a boost to the lackluster US IPO market
- The IPO raised nearly $162 million, pricing at the top of the expected range, giving the company a $1.2 billion valuation
- The debut is seen as a positive signal for other companies considering going public in 2024 after a slow 2022 that saw the fewest US IPOs in over a decade
- Investment managers remain selective about new issues after getting burned in recent years, wanting to see solid future growth projections
- Other big names like Reddit, Syngenta Group, and Circle are among those reported to be prepping potential 2024 IPOs amid firming market fundamentals