Homebuilder's IPO nets less than expected

BONITA SPRINGS — WCI Communities, the Southwest Florida homebuilder that emerged from bankruptcy reorganization four years ago, netted $91 million when it sold shares to the public on the New York Stock Exchange Thursday, according to securities filings.

The shares began trading at $15 each, less than the $21 to $23 per share that the company expected just a few weeks ago. The company sold about 6.8 million shares, fewer than the 8.4 million shares that were scheduled to be sold as it appeared some of WCI's shareholders withheld selling shares alongside the company as previously planned. In a July 19 filing, the company says it expected to net $136 million.

Company officials couldn't be reached. In a statement, Keith Bass, president and CEO of WCI, says: “This is an exciting day for everyone at WCI. With the capital we have raised today, combined with our sizable and attractive land inventory, strong existing market position, and highly respected local management teams, we are well positioned to expand both organically and through strategic acquisitions in the highly attractive coastal Florida housing market.”

This is the second time WCI has sold shares to the public. In 2002, developer Al Hoffman raised $130 million when he took WCI public after combining his company, Florida Design Communities, with Westinghouse Communities. Hoffman sold his shares in 2006 when he was appointed U.S. ambassador to Portugal. The company filed for bankruptcy protection in 2008 during the real estate collapse.