According to the Indianapolis Star, Stonegate Mortgage Corp. launched an initial public offering Thursday, attempting to raise anywhere from $156 million to $189 million. The firm's stock went public on the New York Stock Exchange Thursday. The Indianapolis Star has more:
The company is in a federally required quiet period and isn’t commenting, but the IPO pricing site IPOScoop.com values Stonegate’s offering at $180.6 million, based on as many as 8.6 million shares issued at $20 to $22 a share. The proposed stock ticker is SGM.
Stonegate announced earlier this year it was planning an IPO, in part to help fund an ambitious expansion. The company had plans to expand its loan origination and servicing portfolio to every state, except Alaska and Hawaii, by the end of this year.
