Residential mortgage loan company Stonegate Mortgage sets terms for $181 million IPO

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Stonegate Mortgage, a non-bank mortgage company focused on residential mortgage loans, announced terms for its IPO on Monday. The Indianapolis, IN-based company plans to raise $181 million by offering 8.6 million shares (17% insider) at a price range of $20 to $22. At the midpoint of the proposed range, Stonegate Mortgage would command a fully diluted market value of $525 million.

Stonegate Mortgage, which was founded in 1976 and booked $149 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol SGM. Stonegate Mortgage initially filed confidentially on June 28, 2013. BofA Merrill Lynch, Credit Suisse, Barclays and FBR 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 The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

Referenced Stocks: SGM

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