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Dream Finders Homes Set to Raise $130 Million From IPO

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Dream Finders Homes Set to Raise $130 Million From IPO

January 20
09:52 2021
Dream Finders Homes Set to Raise $130 Million From IPO

Florida-based real estate solutions provider, Dream Finders Homes, seeks public capital with the proposed launch of an initial public offering of its Class A common stock

Dream Finders Homes has reportedly filed to raise $130 million from the sale of its Class A common stock in an IPO, according to an amended registration statement. The real estate company is going to the capital market to fund its growth initiatives as it aims to expand in faster-growing U.S. metropolitan area markets. The company already has a relatively strong presence in a plethora of southern, eastern, and Midwest U.S. metropolitan areas.

Also known as DFH, the company is strategically positioned to benefit from an out-migration from the dense cities, with consumers seeking more space in their choice of homes and living environment. This makes the initial public offering from Dream Finders Homes worth considering.

Dream Finders Homes was founded as a real estate company pursuing an asset-light strategy to develop and sell single-family homes. Since it officially opened its doors to the public in 2009, the company has closed sales on over 9,100 homes. DFH also recently acquired H&H Constructors of Fayetteville, NC, a home builder operating in Charlotte and Raleigh, NC as it seeks to expand to other parts of the country.

DFH has a team of experienced professionals at the helms of affairs, headed by the president, Chairman, and CEO Patrick Zalupski, a former financial auditor at FedEx and Managing Partner of Bay Street Condominiums. According to the financial reports of the company as of September 30, 2020, DFH had $41.8 million in cash and $395.2 million in total liabilities.

Dream Finders Homes will be selling 9.6 million shares of Class A common stock at $13.50 per share, with the gross proceeds estimated at $129.6 million, excluding the sale of customary underwriter options.

Boston Omaha Corp., an existing shareholder, has shown interest in purchasing at least 1.8 million shares at the IPO price. Holders of Class A stocks will be entitled to one vote per share, with company founder Patrick Zalupski, the sole Class B shareholder, receiving three votes per share.

A successful offering at the midpoint price range will increase the value of the company’s enterprise to approximately $1.6 billion. The float to outstanding shares ratio of DFH will be approximately 10.54%, not including effects of underwriter options and private placement shares or restricted stock.

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