LoanDepot raises just $54M in downsized IPO
Online retail lender loanDepot raised just $54 million by offering 3.9 million shares at $14 on Thursday, far below the range of $19 to $21 it initially had sought. The downsized offering follows a theme that's afflicted almost all of the nonbank mortgage originators that have gone public in the last year.
LoanDepot, the second-largest retail-focused IMB in the country, had initially planned to raise about $362.5 million by selling 17 million shares at $21 in an IPO. Instead, with the $54 million raised, its proceeds came in at 82% less than bookrunners had projected earlier this details ⇒
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