loanDepot, a nonbank retail mortgage originator, raised $54 million by offering 3.9 million shares (38% insider) at $14, below the range of $19 to $21. The offering contained 11.2 million fewer shares than anticipated. At pricing, loanDepot raised 82% less in proceeds than expected, and the IPO float is just 1.2% of the basic shares outstanding.
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 originated $79.4 billion of loans for the twelve months ended September 30, 2020, and grew origination volume 116% year-over-year in the 9mo20.
loanDepot 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 acted as lead managers on the deal.
