NEW YORK (AP) -- Shares of homebuilder UCP are falling in their first day of trading on the New York Stock Exchange.
The company's stock fell 74 cents, or 4.9 percent, to $14.26 in Thursday afternoon trading while the broader markets were up.
UCP Inc. raised approximately $116.3 million from its initial public offering of about 7.8 million shares. The offering priced at $15 per share, at the low end of the projected range of $15 to $17 per share.
UCP Inc. is a holding company for UCP LLC, a homebuilder based in San Jose, Calif., which operates in Northern California and the Puget Sound area of Washington State.
The company is giving the underwriters a 30-day option to buy up to an additional 1.2 million shares.
It anticipates about $105.6 million in net proceeds. The company plans to use the proceeds for general corporate purposes, including land acquisition, land development, home construction and other purposes.
The shares are trading under the "UCP" ticker symbol.
The offering is expected to close on Tuesday.
UPC is the most recent company in the real estate industry to go public. On Monday luxury homebuilder WCI Communities Inc. announced plans for an IPO of about 8.4 million shares. In May, William Lyon Homes began trading on the New York Stock Exchange. Taylor Morrison Home Corp. began trading publicly in April. Before that, TRI Pointe Homes Inc. went public in January, real estate investor Silver Bay Realty Trust Corp. in December and real estate services provider Realogy Holdings Inc. in October.
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