![]() ![]() The mortgage and related services industry stocks have a collective 7.56% year-to-date loss, according to Zacks Investment Research.īut the industry has fared better than many others amid COVID-19 recession. "I don’t think you're going to see it triple in price, and 10 days later lose half of those gains." "I think it’s going to be less exciting than the smaller and more speculative companies," he said. Rocket's size, however, means the offering is more likely to attract a greater proportion of long-term investors over short-term speculators compared to smaller firms, said Erik Gordon, a professor at the University of Michigan's Ross Business School. "But average first-day prices from offer to close have been higher than in any other year since 19." "It's not as crazy as the internet dot-com bubble," he said. Uncertainty amidst the COVID-19 pandemic resulted in a number of stocks this year debuting undervalued, Ritter said, with their prices skyrocketing on the first day. Similarly, they tend to raise the price and increase the number of shares when there's strong demand." "Usually when a deal size is cut substantially, it is because of weak demand. "It’s unusual, although not unheard of, to have a deal size cut back," said Jay Ritter, a finance professor at the University of Florida who studies IPOs. Despite the decrease, that would place the company as the seventh-largest IPO of 2020 so far, according to Dealogic. Last week, Rocket had marketed 150 million shares at $20 to $22 each, with another 22.5 million shares available for the deal's underwriters to purchase. It will offer 100 million shares at $18 each. ![]() The Detroit-based company that includes Quicken Loans will put its initial public offering on the New York Stock Exchange under the symbol RKT. Rocket Companies Inc., the parent of the mortgage giant founded by billionaire Dan Gilbert, expects to raise $1.8 billion when it goes public Thursday morning - a drop from the $3.3 billion it had been targeting last week. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |