MS - LoanDepot prices downsized IPO at $14 a share far below expected price range
Online mortgage giant loanDepot (LDI) priced its initial public offering on Thursday at $14, well below an expected $19- to $21-a-share range and with a far lower number of shares than anticipated. LoanDepot said in a statement that it sold 3.85M shares via the IPO, with underwriters given options to purchase another 577,500 for overallotments. Plans call for the stock to begin trading Thursday on the New York Stock Exchange under the ticker symbol “LDI.” The stock had been expected to price a week earlier but didn’t, hinting at problems. A popular platform for consumer mortgage origination, loanDepot and its pre-IPO investors offered as many as 15 million shares at an expected $19 to $21 range, as per the company’s amended S-1 filing. They also granted underwriters the option to purchase another 2.25 million for overallotments. LoanDepot plans to use proceeds from its part of the offering to buy back
For further details see:
LoanDepot prices downsized IPO at $14 a share, far below expected price range