Blend Labs filed a confidential draft registration statement with the Securities and Exchange Commission. This was the first step in getting the company public.
This is a sign that the fever with IPOs in mortgage-related companies is continuing, although originations are expected to slow down, and recent news that both AmeriHome and Caliber Home Loans are through their attempts to go public Have stopped merging with other companies. The Caliber deal has also put all New Residential Investment plans on hold for the time being to bring the NewRez business public.
"The number of shares to be offered and the price range for the proposed offer have not yet been determined," said Blend in a brief press release. "The IPO is expected to begin after the SEC completes its review process, subject to market and other conditions."
Nima Ghamsari is the CEO and co-founder of Blend
Doma and SoFi are among the other mortgage-related companies currently looking to go public. Both companies have agreed to partner with acquisition companies for special purposes. In addition, following its own takeover by China Oceanwide, Genworth plans to make a public offer for part of its US mortgage insurance subsidiary.
And apparently Better.com is warming up in the Bullpen, whose $ 500 million investment by SoftBank Group earlier this month only fueled speculation that the New York-based mortgage lender is about to go public.
Blend raised $ 300 million in a Series G round from Coatue and Tiger Global Management in January, representing a valuation of $ 3.3 billion. According to Crunchbase, Blend has raised $ 665 million from a total of 30 investors in nine private equity rounds.
In March, Blend agreed to buy a controlling interest in Title365 from Mr. Cooper (who retained 9.9%) for $ 422 million.
The company's management team consists of Nima Ghamsari, CEO and Co-Founder, and Tim Mayopoulos, its President, who is also the former President and CEO of Fannie Mae. The company is in a quiet phase under SEC rules and cannot comment on the announcement any further.