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Monday, Nov 28, 2022
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LoanDepot Sets IPO Terms

LoanDepot Inc. has outlined details of its initial public offering, which appears to value the company at about $2.5 billion.

The Foothill Ranch-based mortgage lender said in its filing with the Securities and Exchange Commission that it’s offering a total of 30 million shares of its common stock, priced between $16 and $18 apiece.

There are an additional 4.5 million shares that could be sold if the underwriters exercise their options.

The company said it expects net proceeds of between $412.7 million and $449.3 million.

LoanDepot is expected to trade under the ticker LDI on the New York Stock Exchange.

LoanDepot logged about $790 million in net revenue and $80.7 million in net income for the 12 months ended June 30.

It originated $22.1 billion in loans over the same period, up 125% year-over-year.

Total assets as of June 30 came to $2.1 billion.

LoanDepot was founded in 2010 by Anthony Hsieh and is among the largest nonbank mortgage lenders in the U.S. It had about 4,100 full-time employees as of June 30.

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