Quicken Loans, the largest U.S. mortgage lender in America, is reportedly planning an initial public offering.
The company, founded and owned by Detroit-billionaire Dan Gilbert, has filed its IPO prospectus confidentially, the people said, and may flip it to be public as soon as next month.
Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, said the people, who asked not to be named discussing private information.
The targeted valuation is still being decided, but it is likely in the tens of billions of dollars, one of the people said. That would imply a multi-billion-dollar IPO, one of the largest – if not the largest – this year.
Quicken Loans CEO Jay Farner told the media this spring that March was the "biggest closing month in our company’s history -- nearly $21 billion in mortgages closed."
Farmer that the company was estimating nearly $75 billion in mortgage applications in the second quarter, compared with almost $53 billion in the first quarter.
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