Rocket Companies Inc., the parent company of the mortgage giant founded by billionaire Dan Gilbert, applied for an IPO and announced annual profits for the past three years.
The Detroit-based company, which owns Rocket Mortgage and Quicken Loans, said the amount of the offer at the time of submission was $ 100 million, a placeholder amount that is likely to change. Rocket Companies calls itself the largest retail mortgage lender in the U.S., and Gilbert has $ 7.1 billion in net worth, according to the Bloomberg Billionaire index.
The US IPO market has recovered following a slump triggered by the coronavirus pandemic. A total of $ 134 billion was raised from the total equity offering in the second quarter, the busiest quarter in existence.
Rocket Companies reported that it had earned $ 97.7 million in sales of $ 1.8 billion in the three months ended March 31, compared to a loss of $ 299 million in sales of 727 Million dollars in the same period last year.
Gilbert, the chairman, is also the owner of Cleveland Cavaliers, the National Basketball Association team whose arena bears the name of the company. His personal holdings in rocket companies are not published in the prospectus.
The offering is managed by Goldman Sachs Group Inc., Morgan Stanley, Credit Suisse Group AG, JP Morgan Chase & Co. and the Royal Bank of Canada. It is planned to list its shares under the symbol RKT.