WCI files for initial public offering

BONITA SPRINGS — WCI Communities plans to raise $150 million in an initial public stock offering four years after emerging from bankruptcy reorganization.

In a Securities and Exchange Commission filing, WCI says it plans to use the proceeds to acquire land, finance development and build homes. Underwriters of the deal include Citigroup, Credit Suisse and J.P. Morgan.

The IPO is further evidence of the rebound in real estate in Florida. WCI was profitable last year, earning $50.8 million on revenues of $241 million in 2012. That compares with a $46 million loss on revenues of $144.3 million in 2011.

“While the Florida housing market experienced a deeper contraction than other regions in the recent recession, we believe the Florida housing market now appears to be in the early stages of a recovery,” the company says in the SEC filing.

The company filed for bankruptcy protection in 2008, and emerged one year later with $450 million in debt. WCI sold assets over the years, whittling down its debt load to $122.8 million as of March 31.

WCI owns or controls about 8,300 home sites in communities on both coasts of Florida. “Our significant land inventory allows us to be opportunistic in identifying and pursuing new land acquisitions and protects us against potential land shortages in the majority of our markets that exhibit land supply constraints,” the SEC filing says. “Capitalizing on our long-standing local relationships with land sellers, brokers and investors, as well as our extensive knowledge of Florida markets, we intend to selectively acquire future home sites in other locations to complement our already attractive land portfolio.”