TRI Pointe Homes rises in 1st day of trading

(AP) Shares of TRI Pointe Homes climbed more than 14 percent in the home builder's first day of trading.

The company's stock rose $2.48, or 14.6 percent, to $19.48 in Thursday morning trading.

TRI Pointe Homes Inc. raised approximately $232.9 million from its initial public offering of about 13.7 million shares. The offering priced at $17 per share, above the expected price range of $14 to $16 per share

The company said that it is selling 10 million shares, while a fund affiliated with Starwood Capital Group is selling about 3.7 million shares.

TRI Pointe, based in Irvine, Calif., expects net proceeds of about $156.3 million, after deducting an underwriting discount and some expenses.

TRI Pointe's stock is trading on the New York Stock Exchange under the TPH ticker symbol.