Rocket Companies, a leading mortgage lender operating under the Rocket and Quicken brands, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $3 billion.
Rocket Companies' flagship business, Rocket Mortgage, is an online platform for applying for a mortgage. The company has also expanded into real estate services, personal lending, and auto sales. Rocket Mortgage had a 9.2% market share of the residential mortgage market in the 1Q20.
The Detroit, MI-based company was founded in 1985 and booked $5.9 billion in revenue for the 12 months ended December 31, 2019. It plans to list on the NYSE under the symbol RKT. Rocket Companies filed confidentially on March 6, 2020. Goldman Sachs, Morgan Stanley, Credit Suisse, J.P. Morgan and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
