(Corrects paragraph 9 to show that the company's profit was
$60.4 million on revenue of $157.3 million, not profit of $2.9
million on revenue of $34.3 million)
Feb 7 Residential mortgage loan provider
Pennymac Financial Services, led by former Countrywide Financial
Corp president Stanford Kurland, filed with U.S. regulators to
raise up to $287.5 million in an initial public offering of its
In a preliminary prospectus filed with the U.S Securities
and Exchange Commission, Pennymac listed Citigroup, Bank of
America Merrill Lynch, Credit Suisse and Goldman Sachs & Co as
the lead underwriters to the IPO.
The filing did not reveal how many shares the company
planned to sell or their expected price.
The company, which intends to list its common stock on the
New York Stock Exchange, is backed by BlackRock Mortgage
Ventures LLC and HC Partners LLC.
The U.S. housing market, which was badly hit by the
financial crisis of 2008, has been showing signs of recovery
amid rising rents, record low mortgage rates and higher selling
This has prompted many small homebuilders to tap the stock
market to seize on a housing supply crunch. Tri Pointe Homes
, based in regions among those worst hit by a housing
market slump, became the first U.S. homebuilder to go public in
about 10 years.
Taylor Morrison Home Corp filed with U.S. regulators in
December to raise up to $250 million in an IPO.
The revival in the housing market is expected to shore up
the fortunes of residential mortgage providers such as Pennymac.
Pennymac reported profit of $60.4 million on revenue of
$157.3 million for the nine months ended September 2012.
The amount of money a company says it plans to raise in its
first IPO filings is used to calculate registration fees. The
final size of the IPO could be different.
(Reporting by Avik Das in Bangalore; Editing by Supriya Kurane)