Rocket Companies, the parent of America’s largest mortgage provider Quicken Loans, slashed the price and the size of its initial public offering on Wednesday, according to three people briefed on the matter.
The company has decided to sell 110m shares at $18 each, raising roughly $2bn for its owners, led by its founder Dan Gilbert.
The company had earlier planned to raise as much as $3.3bn in the offering and initially marketed 150m shares at a price between $20 and $22 each, according to filings with US securities regulators last week.
Quicken Loans overtook Wells Fargo to become the largest home mortgage lender in the US two years ago, and last year originated $145bn in loans.
The listing is on pace to be the second-largest US IPO of the year excluding cash shell companies, behind Royalty Pharma, which raised $2.2bn in June.