Rocket Companies jumps as much as 26% in its first day of public trading
Rocket Companies, the parent company of Quicken Loansand Rocket Mortgage, on Wednesday priced its initial public offeringat $18 per share, below its previously planned range.
- Shares of Rocket rose as much as 26% in the stock's first day of public trading on Thursday.
- The company raised $1.8 billion in its
IPO, less than it expected.
- Read more on Business Insider.
Shares of Rocket Companies rose as much as 26%, to $22.76 per share, in the company's public trading debut on the New York Stock Exchange on Thursday. The stock trades under the ticker RKT.
The company raised about $1.8 billion in its IPO, less than the $3.3 billion it had expected to raise. If the company had raised the amount it expected, it would've been the second-largest IPO of the year, after Tontine Holdings, Bill Ackman's $4 billion special-purpose-acquisition company, according to Dealogic.
Instead, the Rocket IPO was the seventh-largest this year, according to Dealogic data.
Rocket Companies said in a filing with the Securities and Exchange Commission that it would use the proceeds from its IPO to acquire holding units and Class D common stock from Rock Holdings, owned by its founder and chairman Dan Gilbert.
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