Smith Douglas Homes Corp., a home builder based in Woodstock, Ga., is preparing to make its debut on the New York Stock Exchange (NYSE) as a publicly traded company, under the ticker symbol "SDHC". This information was disclosed in a recent filing.
Key Players Involved
Leading financial institutions, J.P. Morgan, BofA Securities, RBC Capital Markets, and Wells Fargo Securities, have been appointed as book-running managers for the anticipated initial public offering (IPO).
Impressive Financial Performance
In the nine-month period ending on September 30, Smith Douglas Homes recorded $93.5 million in net income and generated $547.3 million in revenue. Comparatively, during the same period the previous year, the company achieved net income of $99.14 million and revenue of $531.9 million.
Background and Growth
Smith Douglas Homes was founded in 2008 by Thomas L. Bradbury, who currently serves as the company's executive chairman. Bradbury had previously established Colony Homes of Atlanta in 1975 and subsequently became its CEO. In 2003, Colony Homes of Atlanta was acquired by KB Home KBH, +6.95%.
Over the years, Smith Douglas Homes has experienced remarkable growth. In 2022 alone, the company closed a total of 2,200 homes, a monumental increase from the 526 homes it closed in 2015. This astounding growth translates to a remarkable compound annual growth rate (CAGR) of 23% over a span of seven years. Additionally, the company witnessed its revenue soar at an impressive CAGR of 32%, increasing from $109.3 million to $755.4 million during the same period.
Smith Douglas Homes Corp. is poised to make a significant impact in the housing market as it enters into the public realm on NYSE.