BONITA SPRINGS, Fla. (AP) — WCI Communities Inc. plans an initial public offering of approximately 8.4 million shares of its common stock.

The luxury homebuilder is selling 6.8 million shares, while certain selling stockholders are selling 1.6 million shares.

The IPO is expected to price between $21 and $23 per share.

WCI, which concentrates on the Florida housing market, anticipates about $135.5 million in net proceeds. It expects to use the proceeds for general corporate purposes, including the acquisition and development of land and home construction.

WCI won't receive any proceeds from shares sold by the selling stockholders.

The selling shareholders are giving the underwriters an option to buy up to an additional 1.3 million shares.

WCI emerged from bankruptcy protection in 2009, 13 months after its predecessor public company, which was chaired by activist investor Carl Icahn, filed Chapter 11 amid massive losses after the housing bubble burst. Icahn left the board in 2009.

The company restructured and eliminated more than $2 billion in debt. Its largest shareholder is the private equity firm Monarch Alternative Capital LP.

WCI is the latest company in the real estate industry to go public.

In May, William Lyon Homes began trading on the New York Stock Exchange. Taylor Morrison Home Corp. began trading publicly in April. Before that, TRI Pointe Homes Inc. went public in January, real estate investor Silver Bay Realty Trust Corp. in December and real estate services provider Realogy Holdings Inc. in October.

WCI's shares are expected to list on the New York Stock Exchange under the "WCIC" ticker symbol.

 

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