After beginning the initial public offering (IPO) process in September, Smith Douglas Homes has made its debut on the New York Stock Exchange under the symbol SDHC. The newly public builder announced pricing of its IPO of 7,692,308 shares of stock at $21 per share.
With the Smith Douglas Homes joining the ranks as the newest public builder, here are four things to know about the Atlanta-based company.
Top 40 Builder
Smith Douglas Homes closed 2,200 homes in 2022 and ranked 38th on the 2023 BUILDER 100 list. The builder has experienced significant growth since 2014, when the builder was 83rd on the BUILDER 100 list with 472 closings. The builder operates in seven markets spread across five states: Atlanta; Birmingham and Huntsville, Alabama; Charlotte and Raleigh, North Carolina; Nashville, Tennessee; and Houston.
Recent Expansion
In August just ahead of beginning the IPO process, Smith Douglas Homes acquired Texas-based Devon Street Homes. The acquisition marked Smith Douglas Homes’ initial entry into the Texas market.
“Like the Southeast markets, Texas markets are very attractive to buyers looking to relocate to a great place to live,” Jim Van Kirk, executive vice president of sales and marketing for Smith Douglas Homes, said at the time of the acquisition. “Houston is one of the more affordable markets, which is critical to the target buyer of a Smith Douglas Home, many of whom are first-time homeowners.”
Devon Street Homes was ranked No. 150 on the 2023 Next 100 list and closed 324 homes across 15 communities in 2022. The builder generated revenue in excess of $100 million and controlled nearly 1,500 lots at the time of the acquisition.
Workplace Culture
The home builder is Certified by Great Place to Work in 2023. The award is based on what current employees say about their experience working at Smith Douglas Homes.
In 2023, 94% of employees said Smith Douglas Homes is a great place to work, 37 percentage points higher than the average U.S. company at 57%, according to Great Place to Work. As part of the survey, 97% of employees indicated they are proud to tell others they work for the company.
According to Great Place to Work data, updated in April prior to the Devon Street Homes acquisition, 327 employees work for Smith Douglas Homes. Among the workforce, 43% of employees have been with the company less than two years, 40% of employees have worked between two and five years, 16% of employees are tenured between six and 10 years, and 2% of the employee base has worked for the builder 11 years or more.
13,000 Homes and Counting
In March 2022, Smith Douglas Homes celebrated its 10,000th home closing as a company. The 10,000th home was closed in Georgia's Cherokee County in the Victory Place community, the same location where Smith Douglas Homes began its journey serving homeowners in 2009. The builder closed its 12,000th home in February and, to date, Smith Douglas Homes says it has served more than 13,000 homeowners.
