Shares in Five Point Holdings, LLC, owner of Newhall Ranch and other planned communities in California, began trading Wednesday on the New York Stock Exchange.
Tuesday, the Aliso Viejo-based developer, better known as FivePoint, said it would issue 21 million shares of common stock at an opening price of $14 per share. Emile Haddad, the company’s CEO and chairman, and other company executives rang the NYSE’s opening bell at the start of trading Wednesday.
By midday Wednesday, the stock, under the ticker symbol FPH, was trading near $15 per share.
Citigroup, J.P. Morgan, RBC Capital Markets and Wells Fargo Securities are the lead underwriters of the initial public offering.
Deutsche Bank Securities, Evercore ISI, Zelman Partners LLC, and JMP Securities are also underwriting the offering.
FivePoint owns Newhall Land, which developed Valencia over the last half century. Newhall Ranch sits on 15,000 acres near the intersection of state route 128 and I-5. If approved by the state of California and Los Angeles County and fully built out, it could contain 12,000 homes and 11.5 million square feet of commercial and industrial space.
In addition to Newhall Ranch, FivePoint owns Great Park Neighborhoods in Irvine and The San Francisco Shipyard/Candlestick Point in San Francisco. The communities are planned to include approximately 40,000 residential homes and approximately 21 million square feet of commercial space, plus infrastructure.