Velocity Financial, Inc. (VEL) Prices 7.25M Share IPO at $13/Sh

Velocity Financial, Inc. (NYSE: VEL) today announced the pricing of its initial public offering of 7,250,000 shares of its common stock at $13.00 per share. Shares of Velocity’s common stock are expected to begin trading on the New York Stock Exchange on January 17, 2020 under the symbol “VEL,” and the offering is expected to close on January 22, 2020, subject to customary closing conditions. Velocity has granted the underwriters a 30-day option to purchase up to an additional 1,087,500 shares of its common stock at the initial public offering price less the underwriting discount.

The Company intends to use proceeds from the offering to repay a portion of its outstanding corporate debt and the remainder for general corporate purposes.

Wells Fargo Securities, Citigroup and JMP Securities are acting as joint book-running managers, and Raymond James is acting as the co-manager for the offering.

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