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

By: Renaissance Capital
Posted: 4/29/2013 9:08:00 AM
Referenced Stocks: PFSI

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.