LoanDepot has boosted the price per share for its proposed
The imminent
In 2015, loanDepot was trying to sell a total of 34.5 million shares (including the option) at between $16 and $18 per share for possible total proceeds of $621 million.
For comparative purposes,
But unlike Home Point, loanDepot is one of the selling shareholders and will receive most of the proceeds. Including the underwriters' option, loanDepot is selling over 10.82 million shares for estimated net proceeds of $194.3 million at a $20 per share valuation.
The remaining nearly 6.43 million shares are being sold by funds affiliated with Parthenon Capital Partners, which will provide $120.9 million in net proceeds.
This is a shift from the 2015 offering, when loanDepot was offering 28.74 million shares with the option and Parthenon offered just 5.76 million shares.
LoanDepot plans to use its portion of the proceeds from this IPO, along with cash on hand, to purchase 9.41 million units of LD Holdings Group, together with an equal number of shares of Class B and Class C Common Stock, from CEO Anthony Hsieh among other company officers, the prospectus said.
In preparation for the IPO, loanDepot has cranked up its marketing machine. The company just became "the
That may create an interesting situation in Chicago, where competitor Guaranteed Rate holds