Mortgage producer and servicer PennyMac sets terms for $200 million IPO

By Renaissance Capital,

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PennyMac Financial Services, which is focused on the production and servicing of U.S. residential mortgage loans, announced terms for its IPO on Monday. The Moorpark, CA-based company plans to raise $200 million by offering 11.1 million shares at a price range of $17 to $19. At the midpoint of the proposed range, PennyMac Financial Services would command a market value of $1.4 billion if all outstanding New Holdings Units are exchanged for newly-issued shares of Class A common stock on a one-for-one basis on the offering.

PennyMac Financial Services, which was founded in 2008 and booked $273 million in revenue for the 12 months ended 12/31/2012, plans to list on the NYSE under the symbol PFSI. Citi, BofA Merrill Lynch, Credit Suisse and Goldman Sachs are the joint bookrunners on the deal. 

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

This article appears in: News Headlines IPOs
Referenced Stocks: PFSI

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