Rocket Companies Files for IPO on NYSE

Quicken Loans parent company, Rocket Companies, filed their paperwork to go public on the NYSE and will likely price before the end of July; the company first started working on their IPO in late 2019 but put plans on hold due to the pandemic; the company’s is expected to be valued in the tens of billions of dollars; Rocket is seen as more comparable to payments firms than lenders since they do not hold the loans on their balance sheet; though since the company is more cyclical it won’t be valued at the same price as some of the other payments companies; Rocket’s net income jumped 46 percent last year, to $892 million, on $5.1 billion in revenue; the company is working with Goldman Sachs, Morgan Stanley, Credit Suisse, JPMorgan, RBC, and boutique bank Siebert Williams Shank on the IPO. Business Insider.

Todd is the Chief Product Officer of LendIt Fintech.

He is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists.

He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences.

He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.

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[…] been lumped into the group given their focus on technology and online lending. Moreover, as LendIt points out, the company does not hold loans on their balance sheet. Thus, it seems fair enough to count this […]