TREE - LoanDepot expected to price IPO that could value mortgage giant at some $6.5B

Online mortgage giant loanDepot (LDI) is expected to price its initial public offering Wednesday evening in a deal that could value the company at some $6.5 billion. A popular platform for consumer mortgage origination, loanDepot and its pre-IPO investors are offering as many as 15 million shares at an expected $19 to $21 range, as per the company’s amended S-1 filing. They’re also granting underwriters the option to purchase another 2.25 million for overallotments. If underwriters exercise all overallotments, the IPO should raise some $362 million. LoanDepot plans to use proceeds from its part of the offering to buy back pre-IPO shares from its investors and executives, including some of founder and CEO Anthony Hsieh’s stake. LDI is expected to start trading Thursday on the New York Stock Exchange under the ticker symbol “LDI.” Hsieh launched the company in 2010 after founding and running two other popular mortgage sites, LoansDirect.com

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LoanDepot expected to price IPO that could value mortgage giant at some $6.5B