Tags: quicken | loans | rocket | ipo

Quicken Loans Parent Expects to Raise $3.3 Bln in U.S. IPO

Quicken Loans Parent Expects to Raise $3.3 Bln in U.S. IPO
(Mohamed Ahmed Soliman | Dreamstime.com)

Tuesday, 28 July 2020 09:04 AM

Rocket Companies Inc., the parent company of the U.S. mortgage lender Quicken Loans, said on Tuesday it expects to raise $3.3 billion in its initial public offering (IPO).

The deal, potentially the biggest U.S. listing so far in 2020, marks a further sign of recovery for the U.S. IPO market, which was hampered in March as the COVID-19 pandemic sent stock prices plummeting.

Rocket Companies expects its offering of 150 million shares on the New York Stock Exchange to be priced between $20 and $22 per share, valuing it at about $43.69 billion.

The Detroit-based company, founded by billionaire Dan Gilbert, said earlier this month that it expects a profit of more than $3 billion in the second quarter, compared with a loss last year.

Higher borrowings by U.S. consumers in a historically low-interest environment has led to a surge in the company's income and would likely boost Rocket's planned public listing.

Goldman Sachs, Morgan Stanley, Credit Suisse and JPMorgan are among underwriters for the offering.

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© 2020 Thomson/Reuters. All rights reserved.


   
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Rocket Companies Inc., the parent company of the U.S. mortgage lender Quicken Loans, said on Tuesday it expects to raise $3.3 billion in its initial public offering (IPO).
quicken, loans, rocket, ipo
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2020-04-28
Tuesday, 28 July 2020 09:04 AM
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