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Aug. 6, 2020, 11:28 a.m. EDT

Quicken Loans parent Rocket Companies stock's debut falls flat, after downsized IPO price below expectations

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By Tomi Kilgore

Quicken Loans parent Rocket Companies Inc.'s stock /zigman2/quotes/219854810/composite RKT -1.18% public debut fell flat, after the mortgage lending giant's downsized initial public offering priced below its expected range. The stock's first trade on the New York Stock Exchange was at $18.00 at a.m. Eastern for 12.45 million shares, in line with the IPO price. It the fell to a low of $17.50 before bouncing to trade up 1.1%. The company said late Wednesday that it sold 100 million shares in the IPO, which priced at $18 a share, to raise $1.8 billion. Just last week, the company said it was offering 150 million shares in the IPO, which was expected to price between $20 and $22 a share, which could've raised up to $3.3 billion for the company. The disappointing IPO pricing came at a good time for the IPO market, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -2.49% has rallied 47.6% over the past three months, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.30% has advanced 16.6%.

/zigman2/quotes/219854810/composite
US : U.S.: NYSE
$ 20.06
-0.24 -1.18%
Volume: 11.05M
Sept. 24, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$40.27 billion
Rev. per Employee
N/A
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 49.36
-1.26 -2.49%
Volume: 165,327
Sept. 24, 2020 3:59p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,246.59
+9.67 +0.30%
Volume: 2.39B
Sept. 24, 2020 5:06p
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