Quicken Loans parent expects to raise $3.3 billion in U.S. IPO

(Reuters) - Rocket Companies Inc, the parent company of the U.S. mortgage lender Quicken Loans, said on Tuesday it expects to raise $3.3 billion in its initial public offering (IPO).

The deal, potentially the biggest U.S. listing so far in 2020, marks a further sign of recovery for the U.S. IPO market, which was hampered in March as the COVID-19 pandemic sent stock prices plummeting.

Rocket Companies expects its offering of 150 million shares on the New York Stock Exchange to be priced between $20 and $22 per share, valuing it at about $43.69 billion.

The Detroit-based company, founded by billionaire Dan Gilbert, said earlier this month that it expects a profit of more than $3 billion in the second quarter, compared with a loss last year.

Higher borrowings by U.S. consumers in a historically low-interest environment has led to a surge in the company’s income and would likely boost Rocket’s planned public listing.

Goldman Sachs, Morgan Stanley, Credit Suisse and JPMorgan are among underwriters for the offering.

Reporting by Noor Zainab Hussain in Bengaluru; Editing by Devika Syamnath