Coastal California real estate developer Five Point Holdings has filed for an initial public offering, looking to list on the NYSE under the symbol FPH.
The company boasts about 40,000 homesites with about 21M commercial square feet, across communities in San Francisco, Los Angeles and Irvine, Calif.
In the filing, it notes existing shareholder Lennar Homes (NYSE:LEN) will buy $100M in Class A units at the offering price.
Also: "Funds managed separately by Third Avenue Management LLC and Castlelake, L.P. have indicated an interest in each purchasing $25 million of our Class A common shares in this offering, for an aggregate value of up to $50 million, at the initial public offering price."
For the year ended Dec. 31, it posted $39.4M in total revenues, up from the prior year's $35.6M.
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