loanDepot, a nonbank lender focused on mortgages and unsecured personal loans, announced terms for its IPO on Wednesday.
The Foothill Ranch, CA-based company plans to raise $300 million by offering 15 million shares (37% secondary) at a price range of $19 to $21. The IPO float is just 4.6% of the basic shares outstanding. At the midpoint of the proposed range, loanDepot would command a market value of $6.5 billion. The company plans to issue a quarterly dividend of $0.08 per share (annualized yield of 1.6% at the midpoint).
loanDepot is the second largest retail-focused non-bank mortgage originator and the fifth largest overall retail originator, according to Inside Mortgage Finance. The company's originations market share increased from 1.1% in 2014 to 2.6% in the 9mo20.
loanDepot was founded in 2010 and booked $3.4 billion in revenue for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol LDI. Goldman Sachs, BofA Securities, Credit Suisse, Morgan Stanley, Barclays, Citi, Jefferies and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of February 1, 2021.
