Quicken Loans parent company, Rocket Companies, filed their paperwork to go public on the NYSE and will likely price before the end of July; the company first started working on their IPO in late 2019 but put plans on hold due to the pandemic; the company’s is expected to be valued in the tens of billions of dollars; Rocket is seen as more comparable to payments firms than lenders since they do not hold the loans on their balance sheet; though since the company is more cyclical it won’t be valued at the same price as some of the other payments companies; Rocket’s net income jumped 46 percent last year, to $892 million, on $5.1 billion in revenue; the company is working with Goldman Sachs, Morgan Stanley, Credit Suisse, JPMorgan, RBC, and boutique bank Siebert Williams Shank on the IPO. Business Insider.
