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loanDepot, a Foothill Ranch, Calif.-based mortgage lender, has announced the terms for an initial public offering (IPO).
The company is seeking to raise $510 million by offering 30 million shares at a price range of $16 to $18; 12 percent of the shares will be offered on an insider basis. In a press statement, the company estimated that at “the midpoint of the proposed range, loanDepot would command a fully diluted market value of $2.5 billion.” The IPO is expected to price next week, and the company plans to list on the New York Stock Exchange under the symbol LDI.
According to its Web site, loanDepot employs more than 5,000 people and is licensed in all 50 states. It runs four online direct-lending business centers and more than 130 retail branches under the brands imortgage and Mortgage Master.