Rocket Companies Prices IPO at $20.00-$22.00 Per Share (RKT)

Rocket Companies (RKT) expects to raise $3.2 billion in an initial public offering on Thursday, August 6th, IPO Scoop reports. The company plans to issue 150,000,000 shares at a price of $20.00-$22.00 per share.

In the last twelve months, Rocket Companies generated $5.9 billion in revenue and $1.3 billion in net income. Rocket Companies has a market-cap of $3.2 billion.

Goldman Sachs, Morgan Stanley, Credit Suisse, J.P. Morgan, RBC Capital Markets, Allen & Co, BofA Securities, Barclays, Citigroup and UBS Investment Bank served as the underwriters for the IPO and Castle Oak Securities, Drexel Hamilton, Fifth Third Securities, Huntington Capital Markets, Loop Capital, Mischler Financial, Nomura, Ramirez & Co., Siebert Williams Shank and Zelman Partners were co-managers.

Rocket Companies provided the following description of their company for its IPO: “We are a Detroit-based company obsessed with helping our clients achieve the American dream of home ownership and financial freedom. We are committed to providing an industry-leading client experience powered by our award-winning culture and innovative technologies. We believe our widely recognized “Rocket” brand is synonymous with providing simple, fast, and trusted digital solutions for complex personal transactions. Since our inception in 1985, we have consistently demonstrated our ability to launch new consumer experiences, scale and automate operations, and extend our proprietary technologies to partners. Our flagship business, Rocket Mortgage, is the industry leader, having provided more than $1┬átrillion in home loans since inception while growing our market share from 1.3% in 2009 to 9.2% in the first quarter of 2020, a CAGR of 19%. We have also expanded into complementary industries, such as real estate services, personal lending, and auto sales. In each of these gigantic and fragmented markets, we seek to gain share and drive profitable growth by reinventing the client experience. “.

Rocket Companies was founded in 1985 and has 20000 employees. The company is located at 1050 Woodward Avenue, Detroit, MI 48226, US and can be reached via phone at (313) 373-7990 or on the web at http://www.rocketmortgage.com.

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