Rocket Companies Files for IPO on NYSE

Quicken Loans parent company, Rocket Companies, filed their paperwork to go public on the NYSE and will likely price before the end of July; the company first started working on their IPO in late 2019 but put plans on hold due to the pandemic; the company’s is expected to be valued in the tens of billions of dollars; Rocket is seen as more comparable to payments firms than lenders since they do not hold the loans on their balance sheet; though since the company is more cyclical it won’t be valued at the same price as some of the other payments companies; Rocket’s net income jumped 46 percent last year, to $892 million, on $5.1 billion in revenue; the company is working with Goldman Sachs, Morgan Stanley, Credit Suisse, JPMorgan, RBC, and boutique bank Siebert Williams Shank on the IPO. Business Insider.