Quicken Loans’ IPO filing reveals $1.8B in Q1 revenue

Parent firm Rocket Companies filed confidentially with the SEC last month

National /
Jul.July 08, 2020 09:45 AM
Quicken Loans founder Dan Gilbert (Getty)

Quicken Loans founder Dan Gilbert (Getty)

The parent company of Quicken Loans and Rocket Mortgage is officially going public.

Rocket Companies filed for an initial public offering on Tuesday, Bloomberg reported. In initial filings, the company disclosed turning an annual profit for the last three years, and its offering size is currently listed as $100 million.

The IPO was first reported last month by the Financial Times.

Rocket Companies reported earning $1.8 billion in revenue and $97.7 million in profits from the first three months of the year. During the same period last year, the company disclosed $727 million in revenue and a loss of $299 million.

The company plans to be listed on the New York Stock Exchange, and its ticker symbol will be RKT. Goldman Sachs, Morgan Stanley, Credit Suisse, JPMorgan Chase and the Royal Bank of Canada are handling the offering.

Billionaire Dan Gilbert, the firm’s founder, will control 79 percent of the votes of common stock. [Bloomberg] — Erin Hudson


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