Newport Beach-based homebuilder Landsea Homes has become a publicly-traded company and closed its first day on Wall Street worth roughly $450 million. Landsea — controlled by Landsea Green Properties Co. of China — began trading on the Nasdaq market on Friday, January 8, after completing a merger with a shell company, LF Capital Acquisition.
Landsea started its U.S. business in 2013 and now owns two-thirds of the public company trading with the ticker LSEA. LF Capital was formed in 2018 by selling $155 million in stock, funds targeted for buying a company in the financial services industry. Landsea shares closed unchanged at $10.15.
It’s been a quick ramp-up for the homebuilder, primarily constructing in California and Arizona.