This news has been received from: CNBC

All trademarks, copyrights, videos, photos and logos are owned by respective news sources. News stories, videos and live streams are from trusted sources.

Source: Quicken Loans

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 blank-check companies. Within its original $20-$22 range, Rocket would have been the largest IPO of a U.S. company of the year so far.

The Detroit-based company, founded by billionaire Dan Gilbert in 1985, said earlier this month it expects a profit of more than $3 billion in the second quarter, compared with a loss in the same period of last year.

Higher borrowings by U.S. consumers in a historically low-interest environment has led to a surge in the company's income.

Rocket shares are due to start trading on the New York Stock Exchange on Thursday under the symbol "RKT."

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

Related Tags
  • Business
  • Mortgages
  • Mergers and acquisitions
  • Markets
  • IPO

News Source: CNBC

Offset briefly detained by police near gathering of Trump supporters, passenger arrested and charged

Next News:

Eeswaran First Look and Motion Poster Out Now: Silambarasan TR’s Next Film With Suseenthiran All Set For A Pongal Release (View Pic)

Makers of Simbu, aka Silambarasan took to Twitter on October 26 to release the motion poster and first look of their next – Eeswaran. Directed by Suseenthiran, Eeswaran has been set for a Pongal 2021 release. Adding to the good news, the movie will have a theatrical release and not go the OTT way like many movies in the current times have been going. This Video of Hansika Motwani’s Ex-Boyfriend Silambarasan From the Sets of Maha Leaks Online.

Said to be a village drama, the movie is produced by Madhav Media and music has been provided by Thaman SS. As per reports, Silambaran had also lost oodles of weight to get into shape for his role in this drama based on life in a village. Ex-Flames Hansika Motwani and Simbu to Work Together in UR Jameel’s Maha?.

Check Out the Motion Poster Below:

Check Out Silambarasan’s Tweet Below:

#Eeswar an #SilambarasanTR #ThaandavaPongal2021 @MusicThaman @DOP_Tirru @AgerwalNidhhi @DSharfudden@DabbooRatnani

— Silambarasan TR (@SilambarasanTR_) October 26, 2020

The motion poster takes the audience through a field to see Simbu holding a snake and looking at someone in the background sharply. In the tweet that Silambarasan shared, he also wrote, “ThaandavaPongal2021” thus hinting that the movie will release during the Tamil New Year. At the end of the motion poster, we also see STR holding a bat as well, only further intriguing us about the film’s storyline.

(The above story first appeared on News Brig on Oct 26, 2020 02:31 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website

} });

Other News

  • Meet Aston Villa hotshot Ollie Watkins’ hot Wag Ellie, who is a twin and sells designer clothes on shopping app Depop
  • Ant Group sets new IPO record with $34 billion share sale
  • Ant Group to raise $34.5 billion valuing it at over $313 billion in biggest IPO of all time
  • Accumulating Snowfall Mostly Done On Colorados Front Range, See Monday a.m. Snow Totals
  • The owner of Dunkin and Baskin-Robbins is in talks to be bought by Arbys parent company Inspire Brands for a reported $9 billion
  • Dubai Bourse Set for First IPO in Three Years With Al Mal Capital
  • TikTok parent ByteDance in early IPO talks to list businesses including short video app Douyin
  • Festival Celebrating West Virginia's Rocket Boys Goes Online
  • Jack Ma Says Ant Group Has Set Pricing for Its Record IPO
  • Jack Ma’s Ant Group Sets Price for Record $35 Billion IPO
  • Samsung Group Shares Jump on Speculation Over Dividend Increases
  • Ant Group Sets Price for IPO That May Reach Record $35 Billion
  • Report: Salary cap to decline between $3 million and $12 million next season
  • Australia Joins Global IPO Mania With Best Month in 2020
  • Airbnb Tells Shareholder Group Board Approves Share Split
  • Watch: Baker Mayfield fires a rocket shot for six
  • Dad transforms his home into a stunning winter wonderland with The Range bargains – but people are divided
  • Amazon, Alphabet, Facebook, Starbucks, Ford, GE, and More Major Earnings Coming This Week
  • This IPO is a measure of Chinas growing strength