Homebuilder hits the bricks: Woodside Homes withdraws $200 million IPO

Woodside Homes, a single-family homebuilder primarily in California and other western states, withdrew its plans for an initial public offering on Tuesday. The company originally filed for a $200 million IPO in June 2014 and last updated its filing in August 2014.

Woodside had once been the country's largest private homebuilder, booking over $1.4 billion in sales in 2005. Because of the US housing crisis, it was forced into bankruptcy in 2008 and reorganized as a regional homebuilder focused on California, Phoenix, Las Vegas, Salt Lake City and San Antonio.

In 2012, it received a $203 million equity investment from Oaktree Capital Management (NYSE: OAK) and Stonehill Capital Management.

Only one IPO this year has been in the building and construction space: Blackstone-backed aggregates company Summit Materials (SUM) raised $400 million in March and now trades 27% above the IPO price. 2014 homebuilder IPOs Century Communities (CCS) and The New Home Company (NWHM) have returned -17% and 33%, respectively. A Texas-based homebuilder IPO from 2013, LGI Homes (LGIH), is up 223%, having gained 139% in 2015 so far.

The North Salt Lake City, UT-based company was founded in 1977 and booked $459 million in sales for the 12 months ended March 31, 2014. It had planned to list on the NYSE under the symbol WDS. Credit Suisse, J.P. Morgan and Deutsche Bank were set to be the joint bookrunners on the deal.