AmeriHome, a residential mortgage producer and servicer, announced terms for its IPO on Wednesday.
The Thousand Oaks, CA-based company plans to raise $250 million by offering 14.7 million shares at a price range of $16 to $18. New investor Bayview Asset Management intends to purchase $50 million worth of shares in the offering. This is a 100% synthetic secondary offering and AmeriHome plans to raise an additional $100 million in a concurrent private placement to Starwood. At the midpoint of the proposed range, AmeriHome would command a fully diluted market value of $1.3 billion.
AmeriHome has created a flexible and scalable platform with a modern purpose-built infrastructure and advanced data and analytics capabilities. The company has grown its production volume 187% from 2015 and has positioned itself as the third largest correspondent producer.
AmeriHome was founded in 1988 and booked $642 million in revenue for the 12 months ended June 30, 2020. It plans to list on the NYSE under the symbol AHM. Credit Suisse, Goldman Sachs, J.P. Morgan, Wells Fargo Securities, Barclays, BofA Securities, Citi, RBC Capital Markets, and UBS Investment Bank are the joint bookrunners on the deal. It is expected to price during the week of October 26, 2020.
