Rather than open with a whoosh, Rocket Companies’ (NYSE:RKT) first trade as a public company posted at $18, unchanged from its IPO price.
That came after the parent of Quicken Loans raised ~$1.8B through the IPO, less than the $3.0B-$3.3B it had earlier expected to raise.
In early afternoon trading, though, the shares are climbing 7.6% to $19.33.
Rocket cut the size of its offering just ahead of the debut as investors indicated they were more comfortable with a valuation comparative to financial companies rather than tech. But the muted IPO is surprising given record-low mortgage rates.
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