Quicken Loans parent shares jump on debut, after IPO size slashed

A screen displays the logos of Rocket Companies , the parent company of Rocket Mortgage and Quicken Loans, in Times Square during the company's IPO on the New York Stock Exchange in New York City, New York, U.S., August 6, 2020. REUTERS/Mike Segar

Rocket shares were trading up at $19.75 shortly after they opened flat at $18 a share, the same as its IPO price, originally targeted at $20-$22 per share. At its IPO price of $18, it is now the third-largest U.S. listing of 2020, excluding blank-check companies. Only Royalty Pharma RPRX.O and Warner Music Group WMG.O have had bigger stock market debuts this year, raising $2.18 billion and $1.93 billion, respectively.

Rocket’s relatively lukewarm flotation comes at a time when U.S. capital markets are in the middle of a stellar recovery after the COVID-19 pandemic put several debuts on hold earlier this year.

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Quicken Loans parent sells shares in IPO below target to raise $1.8 billionRocket 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.
Source: CNBC - 🏆 12. / 72 Read more »

Quicken Loans parent sells shares in IPO below target to raise $1.8 billionRocket 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.
Source: CNBC - 🏆 12. / 72 Read more »