REUTERS: Shares of Rocket Companies Inc rose 10per cent following their New York debut on Thursday, a day after the parent company of U.S. mortgage lender Quicken Loans cut the targeted size and price of its initial public offering .
At its IPO price of US$18, it is now the third-largest U.S. listing of 2020, excluding blank-check companies. Only Royalty Pharma and Warner Music Group have had bigger stock market debuts this year, raising US$2.18 billion and US$1.93 billion, respectively. Rocket's relatively lukewarm flotation comes at a time when U.S. capital markets are in the middle of a stellar recovery after the COVID-19 pandemic put several debuts on hold earlier this year.The IPO pricing and deal size suggests Rocket struggled to convince investors that its mortgage platform business deserved the kind of valuation that is usually handed out to Silicon Valley tech unicorns.
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