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Velocity Financial prices IPO at $13, below the range

January 16, 2020
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Velocity Financial, a mortgage lender focused on residential rental and small commercial properties, raised $94 million by offering 7.3 million shares at $13, below the range of $14 to $16. Velocity Financial plans to list on the NYSE under the symbol VEL. Wells Fargo Securities, Citi and JMP Securities acted as lead managers on the deal.