Dream Finders Homes’ Initial Public Offering

Baker Botts LLP advised Dream Finders Homes, while Davis Polk advised the underwriters on the deal.

Dream Finders Homes, Inc. (“Dream Finders”) announced the pricing of its initial public offering of 9,600,000 shares of its Class A common stock at an initial public offering price of $13.00 per share. The shares of Dream Finders’ Class A common stock are expected to begin trading on the NASDAQ Global Select Market under the ticker symbol “DFH” on January 21, 2021. The underwriters have a 30-day option to purchase an additional 1,440,000 shares of Class A common stock from Dream Finders at the initial public offering price, less underwriting discounts and commissions. The initial public offering is expected to close on January 25, 2021, subject to customary closing conditions.

Dream Finders expects to receive approximately $124.8 million of gross proceeds from the offering before deducting underwriting discounts and estimated offering expenses, or $143.5 million if the underwriters exercise their option to purchase additional shares of Class A common stock in full.

BofA Securities, RBC Capital Markets and BTIG acted as joint book-running managers for the offering. Builder Advisor Group, LLC and Zelman Partners LLC acted as joint lead managers. Wedbush Securities and TCB Capital Markets acted as co-managers.

The Baker Botts Team included Timothy Taylor (Picture), Carina Antweil (Senior Associate, Houston), Parker Hinman (Associate, Houston), Nathaniel Richards (Associate; Houston), Michael Bresson (Partner, Houston), Matthew Larsen (Partner, Dallas), Jared Meier (Senior Associate, Houston), Gail Stewart (Partner, Houston), Chris Pratt (Special Counsel, Houston), Laura McDaniels (Special Counsel, Palo Alto), Gaby Alvarez (Associate, Houston), Luke Weedon (Partner, Dallas), Clint Culpepper (Senior Associate, Austin) and Laura Williams (Associate, Houston).

Davis Polk advised the underwriters with corporate team included partners Michael Kaplan and Yasin Keshvargar and associates Stephen A. Byeff, Prince Kudolo and Joshua B. Pittell. Counsel Loyti Cheng provided environmental advice. Partner Michael Farber and associate Shay Moyal provided tax advice. Counsel Marcie A. Goldstein provided FINRA advice.

Involved fees earner: Gabriela Alvarez – Baker Botts; Carina Antweil – Baker Botts; Michael Bresson – Baker Botts; Clint Culpepper – Baker Botts; Parker Hinman – Baker Botts; Matthew Larsen – Baker Botts; Laura McDaniels – Baker Botts; Jared Meier – Baker Botts; Chris Pratt – Baker Botts; Nathaniel Richards – Baker Botts; Gail Stewart – Baker Botts; Timothy Taylor – Baker Botts; Luke Weedon – Baker Botts; Laura Williams – Baker Botts; Stephen Byeff – Davis Polk & Wardwell; Loyti Cheng – Davis Polk & Wardwell; Michael Farber – Davis Polk & Wardwell; Marcie Goldstein – Davis Polk & Wardwell; Michael Kaplan – Davis Polk & Wardwell; Yasin Keshvargar – Davis Polk & Wardwell; Prince Kudolo – Davis Polk & Wardwell; Shay Moyal – Davis Polk & Wardwell; Joshua Pittell – Davis Polk & Wardwell;

Law Firms: Baker Botts; Davis Polk & Wardwell;

Clients: Bank of America Securities; BTIG, LLC; Builder Advisor Group, LLC; Dream Finders Homes; RBC Capital Markets; Wedbush Securities; Zelman Partners;

Author: Ambrogio Visconti