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Quicken Loans parent sells shares in IPO below target to raise $1.8 billion

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Rocket Companies, the parent of U.S. mortgage lender Quicken Loans, said its initial public offering (IPO) was priced at $18 per share on Wednesday, below a target range, and that it sold fewer shares than planned.

Rocket sold 100 million shares to raise $1.8 billion in the IPO, which valued the company at around $36 billion. The company had aimed to sell 150 million shares at a target price range of $20-$22 per share.

The IPO pricing and deal size suggest Rocket struggled to convince investors its mortgage platform business justified a valuation conferred to a technology company rather than a financial services firm.

At $18, it is now the third-largest U.S. IPO of 2020, excluding…



Source cnbc.com

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