M/I Homes, Columbus, Ohio, at market close Monday became the latest public home builder to seek to tap the public markets for cash with the announcement of an offering of 4.35 million common shares for sale. On Tuesday after market close, M/I priced the shares at $12.50 each, even with the stock's closing price.
M/I said it would grant the underwriters, a group led by Citigroup Global Markets, Inc. and J.P. Morgan Securities, Inc. as joint-book running managers, an option to purchase up to an additional 600,000 common shares to cover over-allotments, if any.
M/I said it plans to use the proceeds received from this offering for general corporate purposes.
Shares of M/I (NYSE:MHO) closed at $15.07 Monday before the offering was announced. On Tuesday, shares fell 17% to $12.50 and were trading down another 3% at $12.12 after-hours at 6:07 p.m.
Learn more about markets featured in this article: Columbus, OH.