GIC-backed manufactured-housing operator Yes! explores 2025 IPO

YES! Communities, one of the largest operators of manufactured housing communities in the US, is exploring an initial public offering (IPO), according to sources with knowledge of the matter.

The Denver-based company, which is backed by Singaporean sovereign wealth fund GIC, is discussing a 2025 listing in which it could raise US$1 billion or more, said the sources, who asked not to be identified discussing confidential information. Yes! is working with Goldman Sachs and is set to add other underwriters in the coming months, the sources said. No final decisions have been made and the company could opt to remain closely held.

A spokesperson for Yes! did not immediately respond to requests for comment. Representatives for Goldman Sachs and GIC declined to comment.

Yes! is led by chief executive officer Steven Schaub, who helped found the company in 2008. Schaub was named by Goldman Sachs as one of the 100 most intriguing entrepreneurs of 2019.  

Manufactured housing has become an increasingly popular hybrid between rental and ownership as it allows residents to lease land but own their pre-fabricated house. Yes! operates almost 300 communities in the US, mostly in the Southwest, Midwest and Southeast, according to its website.

In 2024 to date, US$6.2 billion was raised in three US real estate investment trust IPOs: FrontView Reit, American Healthcare Reit and Lineage, according to data compiled by Bloomberg. BLOOMBERG