Quicken Loans Parent Rocket Aims to Raise $3.3 Billion in IPO
(Bloomberg) -- Rocket Companies Inc., the parent of the mortgage giant founded by billionaire Dan Gilbert, is seeking to raise as much as $3.3 billion in a U.S. initial public offering.
The Detroit-based company, which owns Rocket Mortgage and Quicken Loans, is offering 150 million shares for $20 to $22 each, according to a filing Tuesday with the U.S. Securities and Exchange Commission. The IPO is expected to price on August 5, terms of the deal reviewed by Bloomberg show.
Rocket Companies said it earned $97.7 million on revenue of $1.8 billion in the three months ended March 31, compared with a loss of $299 million on revenue of $727 million for the same period a year earlier. The company describes itself as the largest retail mortgage lender in the U.S.
Gilbert, also the owner of the National Basketball Association team the Cleveland Cavaliers, controls an entity that will have 79% of the voting power of the company’s common stock, according to the filing. He has a net worth of $7.8 billion according to the Bloomberg Billionaires Index.
The offering is being led by Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG, JPMorgan Chase & Co. and Royal Bank of Canada. It plans to list its shares on the New York Stock Exchange under the symbol RKT.
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