Quicken Loans parent Rocket Companies stock debuts falls flat, after downsized IPO price below expectations

/ / News

Quicken Loans parent Rocket Companies Inc.’s stock public debut fell flat, after the mortgage lending giant’s downsized initial public offering priced below its expected range. The stock’s first trade on the New York Stock Exchange was at $18.00 at a.m. Eastern for 12.45 million shares, in line with the IPO price. It the fell to a low of $17.50 before bouncing to trade up 1.1%. The company said late Wednesday that it sold 100 million shares in the IPO, which priced at $18 a share, to raise $1.8 billion. Just last week, the company said it was offering 150 million shares in the IPO, which was expected to price between $20 and $22 a share, which could’ve raised up to $3.3 billion for the company. The disappointing IPO pricing came at a good time for the IPO market, as the Renaissance IPO ETF has rallied 47.6% over the past three months, while the S&P 500 has advanced 16.6%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.