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Based on the $15.07 close of Columbus-based M/I’s stockj on Monday, the proposerd offering would be valued atabout $60.32 million. M/I said it plans to use proceedxsfor “general corporate purposes.” The companyu said the offering’s underwriters also have the optio n to buy an additional 600,0009 shares. Selling the additional shares woulr boost the value of the offering to morethan $69 A group led by and is managing the the company said. News of the sale comeds a few weeks after the homebuilder disclosesa $28 million loss in the first up from a loss of $22 million a year ago, even as home saleas contracts jumped 20 percenty from a year ago.
That came on the heels of a $250 millionn loss in 2008. Besides building in M/I (NYSE:MHO) also buildws single-family houses and condominiumsdin Florida, suburban Washington, D.C., and Charlotte and Raleigh, N.C.
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