Stonegate Mortgage prices IPO at $16, below the range

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Stonegate Mortgage, a non-bank mortgage company focused on residential mortgage loans, raised $114 million by offering 7.1 million shares at $16.00, below the range of $20.00 to $22.00. Stonegate Mortgage plans to list on the NYSE under the symbol SGM. Stonegate Mortgage initially filed confidentially on 6/28/2013. BofA Merrill Lynch, Credit Suisse, Barclays and FBR acted as lead managers on the deal.

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