Online mortgage provider loanDepot sets terms for $510 million IPO

loanDepot, a nonbank consumer lender focused on originating and selling home loans, announced terms for its IPO on Tuesday.

The Foothill Ranch, CA-based company plans to raise $510 million by offering 30 million shares (12% insider) at a price range of $16 to $18. At the midpoint of the proposed range, loanDepot would command a fully diluted market value of $2.5 billion.

loanDepot, which was founded in 2010 and booked $790 million in sales for the 12 months ended June 30, 2015, plans to list on the NYSE under the symbol LDI. Morgan Stanley, Goldman Sachs, Wells Fargo Securities, Barclays, UBS Investment Bank and Citi are the joint bookrunners on the deal. It is expected to price during the week of November 9, 2015.