“‘These are really extraordinary times, very profitable times for us.’ ” - Rocket Cos. Read more: Foreign buying of American real estate plunged before the pandemic - will COVID-19 push it even lower? Rocket Mortgage proved especially popular among millennials, Walters said, who now form the largest generation of home buyers in the market. Quicken Loans rose to become the country’s largest mortgage lender in recent years following the debut of Rocket Mortgage, its digital mortgage application process. “That may be fairly common in Silicon Valley, but it’s not that common in Detroit,” he said. And following the deal, Gilbert will retain majority voting power in the company.īut Walters also emphasized that the offering was done in order to award employees with stock. Rocket’s prospectus noted that the proceeds of the offering would mainly go toward purchasing businesses and Class D stock from Rocket Cos.’ previous holding company, Rock Holdings Inc., which is owned by Gilbert. First, Gilbert wanted to take out a small amount of equity, which Walters said he will invest in Detroit and Cleveland. The company made the decision to go public for two reasons.
Much of Quicken’s leadership team took the top ranks at the new company, which was carved out of co-founder Dan Gilbert’s empire, including CEO Jay Farner and chief financial officer Julie Booth.ĭon’t miss: Quicken Loans is going public: 5 things to know about the mortgage lender Walters assumes the president mantle for the now-public company after holding the same title for many years at its largest subsidiary, Quicken Loans. “In the secondary markets we’re seeing that trade up, so that gives us a bit of validation at least early on,” Walters told MarketWatch. Rocket president and chief operating officer Bob Walters chalked up the lower-than-expected IPO price to the company being “a bit of an enigma for the public markets.” Rocket’s stock rose 20% through Thursday afternoon to close above $21, within its initial target range.
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