Rocket Mortgage parent Rocket Cos. Inc. has filed for an initial public offering, seeking to sell an undisclosed amount of shares and list them on the New York Stock Exchange under the symbol RKT. The Detroit-based holdings company said in the late Tuesday filing it earned $97.7 million in the first quarter, contrasting with a loss of $299 million in the first quarter of 2019. Revenue rose to $1.37 billion from $632 million in the year-ago quarter. Rocket Mortgage, its flagship business, has provided more than $1 trillion in home loans since its inception and has grown its market share from 1.3% in 2009 to 9.2% in the first quarter of 2020 for a compound annual growth rate of 19%, the company said in the filing. It also has expanded into personal lending and auto sales, among other products. Founder and Chairman Dan Gilbert also owns the National Basketball Association's Cleveland Cavaliers. Besides not having determined the number of shares to be offered, Rocket Cos. also did not provide a price range for the proposed IPO.
July 7, 2020, 5:01 p.m. EDT