Rocket Companies Announces Pricing of Initial Public Offering
Detroit-based Rocket Companies announced the pricing of its initial public offering (IPO) of 100,000,000 shares of Class A common stock at $18.00 per share. The shares are expected to start trading on the New York Stock Exchange under the ticker symbol RKT on August 6, 2020, with the offering anticipated to close on August 10, 2020. Major financial institutions, including Goldman Sachs and Morgan Stanley, are serving as lead bookrunners. This IPO aims to bolster Rocket Companies' position in the real estate and financial services sectors.
- IPO pricing set at $18.00 per share is viewed as a strong entry point.
- Potential for significant capital raise through the offering to support business expansion.
- Dilution of existing shareholders' equity due to the large offering size.
DETROIT, Aug. 5, 2020 /PRNewswire/ -- Detroit-based Rocket Companies, Inc. ("Rocket Companies" or the "Company") today announced the pricing of its initial public offering of 100,000,000 shares of its Class A common stock at a price of
The shares are expected to begin trading on the New York Stock Exchange on August 6, 2020, under the ticker symbol "RKT," and the offering is expected to close on August 10, 2020, subject to customary closing conditions.
Goldman Sachs & Co. LLC, Morgan Stanley, Credit Suisse, J.P. Morgan and RBC Capital Markets are acting as the lead bookrunners for the offering. Allen & Company LLC, BofA Securities, Barclays, Citigroup and UBS Investment Bank are acting as bookrunners. CastleOak Securities, L.P., Drexel Hamilton, Fifth Third Securities, Huntington Capital Markets, Loop Capital Markets, Mischler Financial Group, Inc., Nomura, Ramirez & Co., Inc., Siebert Williams Shank and Zelman Partners LLC are acting as co-managers for the offering.
A registration statement relating to this offering was declared effective by the Securities and Exchange Commission on August 5, 2020. The offering is being made only by means of a prospectus, copies of which may be obtained from any of the following sources:
- Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, New York 10282, telephone: 1-212-902-1171, facsimile: 212-902-9316 or by emailing prospectus-ny@ny.email.gs.com;
- Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014;
- Credit Suisse Securities (USA) LLC, Attention: Prospectus Department, 6933 Louis Stephens Drive, Morrisville, North Carolina 27560, telephone: 1-800-221-1037 or by emailing usa.prospectus@credit-suisse.com;
- J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: 1-866-803-9204, or by emailing at prospectus-eq_fi@jpmchase.com;
- RBC Capital Markets LLC, Attention: Equity Syndicate, 200 Vesey Street, 8th Floor, New York, NY 10281-8098, by telephone at (877) 822-4089 or by email at equityprospectus@rbccm.com.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Forward Looking Statements
This press release includes "forward looking information," including with respect to the initial public offering. These statements are made through the use of words or phrases such as "will" or "expect" and similar words and expressions of the future. Forward-looking statements involve known and unknown risks, uncertainties and assumptions, including the risks outlined under "Risk Factors" in the preliminary prospectus and elsewhere in the Company's filings with the SEC, which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as required by law.
About Rocket Companies
Rocket Companies is a Detroit-based holding company consisting of personal finance and consumer service brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Amrock, Core Digital Media, Rock Connections, Lendesk and Edison Financial. Since 1985, Rocket Companies has been obsessed with helping its clients achieve the American dream of home ownership and financial freedom. Rocket Companies offers an industry-leading client experience powered by our simple, fast, and trusted digital solutions. Rocket Companies has 20,000 team members across the United States. Its flagship company, Rocket Mortgage, has been named to Fortune magazine's list of "100 Best Companies to Work For" for 17 consecutive years.
Rocket Companies, Inc.
1050 Woodward Ave
Detroit, MI 48226
Investor Contact:
IR@RocketCompanies.com
Media Contacts:
Rocket Companies:
Aaron Emerson
aaronemerson@rockcentraldetroit.com
Aaron Walker
aaronwalker@rockventures.com
Edelman for Rocket Companies:
Rocket@edelman.com
Julia Sahin
(646) 301-2968
Ted McHugh
(201) 341-0211
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SOURCE Rocket Companies
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