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, in accordance with its Form S-1.
“Our digital brand first and foremost is a growth engine in this very fragmented market,” said Quicken Loans CEO Jay Farner in a letter in the file. “Even with the title of largest mortgage lender, we believe there are many opportunities ahead and new strategies to reach even more customers.”
In the company’s condensed statement of earnings, it reported net earnings of $ 97.7 million for the first three months ending March 31, compared to a loss of $ 299 million over the same period in 2019. In March 2020, it brought in $ 21.3. according to the deed, total assets of $ 17 billion and total liabilities of $ 17 billion, for total capital of $ 3.7 billion.
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 file. “Among the customers who have made a request using our online platform or application, 75% are first home owners and / or millennials,” says the file. “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 a recovery in business and growth in our society.”
The news follows reports last month that Quicken Loans was planning an IPO. According to Renaissance Capital, there have so far been 65 initial public offerings this year that have raised a total of $ 22.4 billion.
Write to[email protected]