On Tuesday, Rocket set the terms for the IPO. It is selling 150 million shares at $20 to $22 each, a July 28 SEC filing said. The IPO filing lists 20 investment bankers working on the deal, including Goldman Sachs, Morgan Stanley, Credit Suisse, JP Morgan, and RBC Capital Markets. Underwriters on the transaction have the option to buy 22.5 million shares at the IPO price.
Rocket is the parent of companies including Rocket Mortgage, Quicken Loans, Rocket Loans, and Edison Financial. Rocket Mortgage is the firm’s flagship business, having provided more than $1 trillion in home loans since its inception in 1985. (Rocket Mortgage is the online mortgage application process developed by Quicken Loans, which also provides mortgages.) Rocket Loans supplies personal loans to consumers, while Edison Financial offers mortgages in Canada. Rocket employs 20,000 people in total throughout its various companies.
