I don't think the IPO will do much more for PICO right now. Except for teh greenshow, I think all the proceeds go to UCP? Peersonally I woudl have rather seen PICO SELL OUT completely and take the profit. They bought the lots reasonably well, but if UCP is going to be ongoing.they are NOW buying lots to develop at MUCH higher 2013 prices. Furthermore, you can bet that ALL the UCP executives are giving themselves BIG cash raises, once IPO is done. All in all? It's okay for PICO, but nothing to make stock go up more than a buck or so.
sno, it's less about IPO proceeds and more about a valuation mark for PICO's ownership in UCP imo. The hypothesis: PICO's net stake in UCP (as valued by the offering) will create a basis for the stock being significantly undervalued. The Feds comments today only help create a strong back drop for the IPO. Respectfully.