Quicken Loans, Rocket Mortgage Parent Files for IPO

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Rocket Companies Inc., the parent company of Rocket Mortgage and Quicken Loans, filed an initial public offering on Tuesday. The company intends to list an undisclosed number of Class A shares on the New York Stock Exchange under the symbol RKT, according to his S-1 form.

“Our digitally-focused brand is a growth engine in this highly fragmented market,” Jay Farner, CEO of Quicken Loans, said in a letter attached to the file. “Even with the title of Largest Mortgage Lender, we believe there are significant opportunities ahead and new strategies to reach even more customers. “

In the company’s condensed income statement, it reported net income of $ 97.7 million for the first three months ending March 31, compared to a loss of $ 299 million for the same period in 2019. In March 2020, she declared $ 21.3 million. billion in total assets and $ 17 billion in total liabilities, for a total equity of $ 3.7 billion, according to the filing.

The market share of Rocket Companies’ flagship business, Rocket Mortgage, increased to 9.2% in the first quarter of 2020, from 1.3% in 2009, according to the filing. “Of the clients who applied through our platform or online application, 75% are new owners and / or Millennials,” the file says. “As these groups mature and continue to demand a more digital experience, we anticipate that their previous positive experiences with Rocket Mortgage will translate into repeat business and further growth for our business. “

News follows reports from last month that Quicken Loans was planning an IPO. There have been 65 initial public offerings so far this year that have raised a total of $ 22.4 billion, according to Renaissance capital.

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