Dream Finders Homes Inc. plans to sell 9.6 million shares of Class A common stock at $12 to $15 each in its initial public offering, according to an updated registration statement filed Jan. 11.
The Jacksonville-based homebuilding company filed a confidential registration statement for the IPO with the Securities and Exchange Commission in October. It filed a public registration statement on Dec. 22 but that filing did not say how many shares would be sold.
If it sells all 9.6 million shares for $15, the company would raise $144 million.
Dream Finders founder and President Patrick Zalupski will retain control of the company by owning all of the company’s Class B stock, which will give him 85.4% of the votes on company matters, the latest filing shows.
After Zalupski, Dream Finders’ next largest stockholder is DFH Investors LLC, a company controlled by Jacksonville investor Rad Lovett II.
Lovett’s firm owns about 12.7 million Class A shares, representing 41% of all Class A shares after the IPO, according to the filing.
Those shares will have 6% of the voting power in the company, it said.
Dream Finders, founded in 2008, grew revenue 37% in the first nine months of 2020 to $672.7 million. The updated filing does not give year-end financial data. But it said net new orders for homes rose 189% in the fourth quarter and homes closed rose 78%.
The filing does not give a date for the stock sale but IPO research firm Renaissance Capital reported the deal is expected to be priced the week of Jan. 18.
Dream Finders intends to list the Class A shares on the Nasdaq Global Select Market under the ticker symbol “DFH.”