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The IPO pricing and deal size suggest Rocket struggled to convince investors its mortgage platform business justified a valuation conferred to a technology company rather than a financial services firm.
The mortgage market has held up surprisingly well as the coronavirus pandemic has battered the U.S. economy. The Mortgage Bankers Association expects mortgage originations to hit their highest level this year since 2005. Record-low interest rates are spurring refinancings, while a tight housing supply has kept home prices high, with young families moving to the suburbs and wealthy city dwellers looking for second homes.
https://www.wsj.com/articles/quicken-loans-parent-prepares-for-a-big-ipo-11596630521
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