Thursday, February 11, 2021

LoanDepot Raises $54M In IPO

Foothill Ranch-based LoanDepot, a developer of a technology platform to automate and originate mortgage loans, has raised $54M in an IPO on the NYSE. The company sold 3.9 million shares of its stock at $14.00 per share, below its estimated IPO pricing of 15.1M shares of stock at between $19.00 to $21.00 per share. The company claims it is now the second largest retail-focused non-bank mortgage originator and the fifth largest overall retail originator, with $79.4 billion of loans originated for the twelve months ended September 30, 2020. LoanDepot was private equity backed by Parthenon Capital Partners.