loanDepot officially withdraws $510 million IPO

loanDepot, a nonbank lender focused on mortgages and unsecured personal loans, withdrew its plans for an initial public offering on Tuesday. It had set terms in November 2015 to raise $510 million by offering 30 million shares (12% insider) at a price range of $16 to $18, but postponed the offering.

The Foothill Ranch, CA-based company was founded in 2010 and booked $790 million in sales for the 12 months ended June 30, 2015. It had planned to list on the NYSE under the symbol LDI. Morgan Stanley, Goldman Sachs, Wells Fargo Securities, Barclays, UBS Investment Bank and Citi were set to be the joint bookrunners on the deal.