CNBC reported today that Quicken Loans is planning to go public this year. Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan are helping manage the deal.
Founded in 1985 by Dan Gilbert, Quicken Loans has risen to the ranks of the largest mortgage lender in the U.S. It’s unclear what the company will be priced. However, as CNN explained, “The targeted valuation is still being decided, but it is likely in the tens of billions of dollars… That would imply a multi-billion-dollar IPO, one of the largest – if not the largest – this year.”
The spike in mortgage refinances has been beneficial to the Michigan-based company. In April, Quicken Loans experienced the biggest month in its history, closing $21 billion in mortgages.
There is no official word on when (or if) the IPO will take place, but CNBC reports the offering could take place as early as next month.
Photo by Blake Wheeler on Unsplash
