Shares of Rocket Companies Inc rose 10% following their New York debut on Thursday, a day after the parent company of U.S. mortgage lender Quicken Loans cut the targeted size and price of its initial public offering (IPO).
A screen displays the logos of Rocket Companies , the parent company of Rocket Mortgage and Quicken Loans, in Times Square during the company's IPO on the New York Stock Exchange in New York City, New York, U.S., August 6, 2020. REUTERS/Mike Segar
Rocket shares were trading up at $19.75 shortly after they opened flat at $18 a share, the same as its IPO price, originally targeted at $20-$22 per share. At its IPO price of $18, it is now the third-largest U.S. listing of 2020, excluding blank-check companies. Only Royalty Pharma RPRX.O and Warner Music Group WMG.O have had bigger stock market debuts this year, raising $2.18 billion and $1.93 billion, respectively.
Rocket’s relatively lukewarm flotation comes at a time when U.S. capital markets are in the middle of a stellar recovery after the COVID-19 pandemic put several debuts on hold earlier this year.
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