: Home builder Smith Douglas backed by former Agriculture Secretary Sonny Purdue files IPO

Smith Douglas Homes Corp., a Woodstock, Ga., home builder that lists former Agriculture Secretary and Georgia Governor George E. “Sonny” Perdue III as a shareholder, plans to go public on the New York Stock Exchange under the symbol “SDHC”, according to a filing. J.P. Morgan, BofA Securities, RBC Capital Markets and Wells Fargo Securities are book-running managers of the upcoming initial public offering. Smith Douglas Homes reported $93.5 million in net income and $547.3 million in revenue in the nine months ending Sept. 30, compared to net income of $99.14 million and revenue of $531.9 million in the year-ago period. Smith Douglas Homes was founded in 2008 by Thomas L. Bradbury, the company’s executive chairman. Bradbury was the founder of Colony Homes of Atlanta in 1975 and was chief executive of the company when it was sold to KB Home KBH in 2003. In 2022, it closed 2,200 homes, up from 526 homes in 2015, representing a 23% compound annual growth (CAGR) rate for seven years. During the same period, its revenue grew at a 32% CAGR from $109.3 million to $755.4 million.

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