Rocket Companies (RKT) IPO Opens Flat
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Overall Analyst Rating:
NEUTRAL (= Flat)
Dividend Yield: 4.5%
EPS Growth %: +106.3%
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Today's IPO for Rocket Companies (NYSE: RKT) opened for trading at $18 after pricing 100 million shares of its Class A common stock at a price of $18 per share, below the expected $20-$22 range. The offering size was cut from 150 million shares. Founded by Dan Gilbert, tech-driven Rocket Companies provides industry-leading real estate, mortgage and financial services, empowering consumers through entities including Rocket Homes, Rocket Auto and Rocket Mortgage, the nation's largest mortgage lender.
Goldman Sachs & Co. LLC, Morgan Stanley, Credit Suisse, J.P. Morgan and RBC Capital Markets are acting as the lead bookrunners for the offering. Allen & Company LLC, BofA Securities, Barclays, Citigroup and UBS Investment Bank are acting as bookrunners. CastleOak Securities, L.P., Drexel Hamilton, Fifth Third Securities, Huntington Capital Markets, Loop Capital Markets, Mischler Financial Group, Inc., Nomura, Ramirez & Co., Inc., Siebert Williams Shank and Zelman Partners LLC are acting as co-managers for the offering.
Rocket Companies is a Detroit-based holding company consisting of personal finance and consumer service brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985, Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. Rocket Companies offers an industry-leading client experience powered by our simple, fast, and trusted digital solutions. Rocket Companies has 20,000 team members across the United States. Its flagship company, Rocket Mortgage, has been named to Fortune magazine's list of "100 Best Companies to Work For" for 17 consecutive years.
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