(Reuters) - Home Loan Servicing Solutions Ltd raised $186.2 million in its initial public offering, pricing its shares at $14 apiece, an underwriter said.
The Cayman Islands-based residential mortgage servicer had planned to sell the shares at $14 to $16 each, according to its latest regulatory filing.
Home Loan Servicing had initially filed with the Securities and Exchange Commission last February to raise up to $316.3 million in its offering.
William Erbey, the company’s founder and chairman of the board, will buy ordinary shares of the company worth $10 million at the offering price in a private placement, the filing showed.
Shares of the company are expected to start trading on Wednesday on the Nasdaq under the symbol “HLSS.”
The company will use a part of the proceeds from the offering to buy initial purchased assets from Ocwen Loan Servicing, a unit of mortgage loan servicer Ocwen Financial Corp (OCN.N).
Wells Fargo Securities, Barclays Capital, Citigroup Global Markets and Deutsche Bank Securities acted as joint book-running managers of the offering.
Reporting by Ashutosh Pandey and Aman Shah in Bangalore; Editing by Don Sebastian