One of the nation’s largest mortgage lenders has revealed official plans to raise $315 million through an initial public offering (IPO).
Nonbank retail lender loanDepot and its shareholders announced Wednesday that they plan to sell 9.4 million shares in the IPO, while its existing stockholders will sell 5.6 million shares at an expected offering price of $19 to $21 apiece. loanDepot will start trading on the New York Stock Exchange (NYSE) under the ticker symbol “LDI” next Thursday, February 04.
loanDepot is one of the many mortgage lenders that have decided to take advantage of the pandemic-induced low-interest rates by tapping the public market. Last week, United Wholesale Mortgage began trading on the NYSE.
Lead book-running managers for loanDepot’s IPO include Goldman Sachs & Co., BofA Securities, Credit Suisse, and Morgan Stanley. Barclays, Citigroup, Jefferies, and UBS Investment Bank will be book-running managers. JMP Securities, Nomura, Piper Sandler, Raymond James, William Blair and AmeriVet Securities will act as co-managers for the proposed offering.