Velocity Financial, a mortgage lender focused on residential rental and small commercial properties, announced terms for its IPO on Monday.
The Westlake Village, CA-based company plans to raise $109 million by offering 7.3 million shares at a price range of $14 to $16. At the midpoint of the proposed range, Velocity Financial would command a fully diluted market value of $285 million.
Velocity Financial was founded in 2004 and booked $56 million in revenue for the 12 months ended September 30, 2019. It plans to list on the NYSE under the symbol VEL. Wells Fargo Securities, Citi and JMP Securities are the joint bookrunners on the deal. It is expected to price on Thursday, January 16, 2020.
