Developer behind Newhall Ranch, Great Park closes IPO at $320 million

Five Point Holdings Chairman and CEO Emile Haddad, second from right, rings the New York Stock Exchange opening bell before his company's IPO starts trading on May 10.
(Richard Drew / AP)

Orange County firm Five Point Holdings — the master developer behind several marquee California communities — said this week that it closed its IPO, taking in more than $300 million.

The Aliso Viejo company said that underwriters exercised their option to purchase an additional 3.15 million shares beyond the 21 million Five Point sold last week at $14 a share. Five Point said it earned a total of about $320 million from the IPO, before offering expenses.

Miami-based home builder Lennar Corp., which had a 40.2% stake in Five Point following the IPO, also agreed separately to invest $100 million in the company.

Five Point, which was spun off from Lennar in 2009, is planning to use its cash hoard to help build its master-planned communities amid a persistent housing shortage in the state, especially along coastal areas.


The company’s projects include Newhall Ranch in the Santa Clarita Valley, Great Park Neighborhoods in Irvine and the Shipyard and Candlestick Point projects in San Francisco.

The company’s stock, which trades under the ticker FPH on the New York Stock Exchange, closed Wednesday at $15.99 a share. That was up $1.99, or 14.2%, from the IPO price.

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