J.M. Peters Co. Inc., a major Southern California home building firm based in Newport Beach, Friday said it was starting its previously announced initial public offering to raise $10.5 million.
Peters is selling 12.7% of its common stock--or 1.75 million shares--at $6 per share, giving the company a market value of almost $83 million.
Southmark Corp., a Dallas-based real estate and financial services firm, bought J.M. Peters last year for about $22 million and will retain 87.3% of the company's common stock.