AmeriHome, a residential mortgage producer and servicer, filed on Thursday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $300 million.

AmeriHome has created a flexible and scalable platform with a modern purpose-built infrastructure and advanced data and analytics capabilities. The company has grown its production volume 187% from 2015 and has positioned itself as the third largest correspondent producer.

The Thousand Oaks, CA-based company traces its roots to 1988 and booked $642 million in revenue for the 12 months ended June 30, 2020. It has not selected a listing exchange or ticker yet (RC ticker: AMHM.RC). AmeriHome filed confidentially on August 12, 2020. Credit Suisse, Goldman Sachs, J.P. Morgan, Wells Fargo Securities, Barclays, BofA Securities, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.

The article Leading mortgage servicer AmeriHome files for an estimated $300 million IPO originally appeared on IPO investment manager Renaissance Capital’s web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital’s research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital’s Renaissance IPO ETF (symbol: IPO), Renaissance International ETF (symbol: IPOS), or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article

Oct 1 (Reuters)Mortgage lender AmeriHome Inc on Thursday filed for a U.S. initial public offering, joining a growing list of companies seeking to capitalize on a rebound in capital markets from a coronavirus-led slump in March.

The firm set a placeholder amount of $100 million and did not disclose the size of its offering.

The filing comes a month after the strong market debut of Rocket Companies Inc RKT.N, the parent of mortgage lender Quicken Loans.

Unlike many recent IPO hopefuls, the company, which was founded in 2013, is profitable. It has generated positive net income every month since achieving profitability in February 2015, according to the filing.

AmeriHome’s revenue for the six months ended June 30 more than doubled to $442.03 million from a year earlier, while net income for the same period rose two-fold to $274.9 million.

Credit Suisse, Goldman Sachs, J.P. Morgan, Wells Fargo, Barclays, BofA Securities and RBC Capital Markets are the joint book-running managers to the firm’s offering.

(Reporting by Abhishek Manikandan in Bengaluru; Editing by Sriraj Kalluvila)

(([email protected]; within the U.S. +1 646 223 8780, outside the U.S. +91 80 6182 2702;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Source Article