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


Related Articles

arrow_forward_ios
From left: Black Knight CEO Anthony Jabbour and Intercontinental Exchange CEO Jeffrey Sprecher (Black Knight, Intercontinental Exchange, iStock)
Intercontinental Exchange expands mortgage play with $13B Black Knight buy
Intercontinental Exchange expands mortgage play with $13B Black Knight buy
Nima Ghamsari, co-founder, Blend Labs (Blend Labs, iStock)
Mortgage tech firm lays off 200 as rates surge, industry slumps
Mortgage tech firm lays off 200 as rates surge, industry slumps
From left: Richard Benson-Armer, chief people, performance and culture officer, Better.com; Vishal Garg, CEO, Better.com (Activant Capital, Better.com, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
“Prudent and necessary”: More layoffs at Better.com
“Prudent and necessary”: More layoffs at Better.com
Movement Mortgage CEO Casey Crawford (Movement Mortgage, iStock)
More mortgage lenders lay off staff as rates rise, applications slow
More mortgage lenders lay off staff as rates rise, applications slow
Better.com CEO Vishal Garg (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Better.com floats voluntary resignations after mass layoffs
Better.com floats voluntary resignations after mass layoffs
Sotheby's International Realty's Nikki Field and Compass' Diana Sutherlin (The Field Team, Compass, iStock / Photo illustration by Priyanka Modi for The Real Deal)
What brokers are seeing as mortgage rates climb
What brokers are seeing as mortgage rates climb
Mortgage rates surge, capping fastest rise since 1994
Mortgage rates surge, capping fastest rise since 1994
Mortgage rates surge, capping fastest rise since 1994
From left: Greg Schwartz and Carey Armstrong, co-founders of Tomo (Tomo, iStock/Illustration by Steven Dilakian for The Real Deal)
Digital mortgage startup Tomo expands as competition pulls back
Digital mortgage startup Tomo expands as competition pulls back
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...