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William Lyon Homes (WLH) snuck in its initial public offering on May 16th, just four trading days before Federal Reserve Chairman Ben Bernanke spooked the markets with fears of reducing the asset purchase program. The timing was perfect as over 10 million shares were sold at $25 per share, reaping net proceeds of approximately $164 million for the company. Shares of the homebuilder are off roughly 20% since their IPO and currently offer investors an attractive way to gain exposure to the housing recovery in this country. With a market cap below $700 million and limited analyst coverage, the company has not yet had a chance to prove they are a viable player in the industry.

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