IoanDepot, a non-bank lender focused on mortgages and unsecured personal loans, announced the terms of its IPO on Wednesday.
The Foothill Ranch, Calif., Based company plans to raise $ 300 million by offering 15 million shares (37% secondary) in a price range of $ 19 to $ 21. The float of the IPO represents only 4.6% of the base shares in circulation. In the middle of the proposed range, LoanDepot is said to have a market value of $ 6.5 billion. The company plans to issue a quarterly dividend of $ 0.08 per share (annualized return of 1.6% mid-term).
LoanDepot is the second-largest retail-focused non-bank mortgage originator and the fifth-largest overall retail originator, according to Inside Mortgage Finance. The company’s origination market share increased from 1.1% in 2014 to 2.6% in 9mo20.
LoanDepot was founded in 2010 and reported sales of $ 3.4 billion for the 12 months ended September 30, 2020. It expects to be listed on the NYSE under the symbol LDI. Goldman Sachs, BofA Securities, Credit Suisse, Morgan Stanley, Barclays, Citi, Jefferies and UBS Investment Bank are the associated bookkeepers in the transaction. Its price is expected during the week of February 1, 2021.
The article Online mortgage lender LoanDepot sets terms for $ 300 million IPO originally appeared on the renaissancecapital.com website of IPO investment manager Renaissance Capital.
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