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Legacy Housing prices $48M IPO

Legacy Housing Corp. priced its IPO of 4.0 million common shares at $12.00 apiece, for estimated gross proceeds of $48.0 million.

Underwriters have a 30-day option to purchase up to an additional 600,000 Legacy Housing shares at the same price.

The homebuilder, which focuses on manufactured and "tiny" houses, plans to use the net proceeds to grow its retail presence in the southern U.S., provide financing to certain housing community owners, repay debt and pursue acquisitions, among other working capital and general corporate uses.

The offering is expected to close on Dec. 19 and Legacy Housing's common stock is expected to start trading on the Nasdaq Global Select Market on Dec. 14 under the LEGH ticker symbol.

B. Riley FBR Inc., Oak Ridge Financial and National Securities Corp. are the joint book-running managers for the offering.