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HomeBanc Mortgage Corp., a fast-growing residential lender that makes more than $1 billion in mortgages a year in South Florida, is preparing to join the short list of publicly traded mortgage bankers.
In its June 29 prospectus, Atlantabased HomeBanc unveiled plans to raise $388 million by offering shares priced $8 to $9 each. That includes 37.5 million shares it plans to sell in an IPO.
HomeBanc, which has three South Florida offices, intends to use offering proceeds to expand in the Southeast and enter undisclosed new markets.
The most recent capital projection is about 33 percent less than the $575 million HomeBanc expected to raise in March when it first filed a registration statement with the SEC.
HomeBanc has amended its registration four times since, including a June 9 registration that said it planned to raise up to $612 million, with a projected price of $16 a share.
HomeBanc is granting its underwriting team an option to purchase and re-sell up to 5.6 million additional shares within 30 days of the offering.
HomeBanc Plans to distribute 6.8 million shares to it's current Owners, at an average price of $5.75. A combination of that distribution and a full public sale would produce about $425 million in capital.
HomeBanc had $45 million in equity and $429 million in assets on Dec. 31, according to SEC filings.
HomeBanc is seeking a listing on the New...