loanDepot, a nonbank lender focused on mortgages and unsecured personal loans, filed on Monday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $1.5 billion.
loanDepot previously filed for an IPO in 2015 and was set to raise $510 million, but postponed the offering. The company officially withdrew in 2016 after completing a $150 million term debt transaction.
loanDepot is the second largest retail-focused non-bank mortgage originator and the fifth largest overall retail originator, according to Inside Mortgage Finance. The company originated $79.4 billion of loans for the twelve months ended September 30, 2020.
The Foothill Ranch, CA-based company was founded in 2010 and booked $3.4 billion in revenue for the 12 months ended September 30, 2020. It plans to list on the NYSE under the symbol LDI. loanDepot filed confidentially on November 12, 2020. Goldman Sachs, BofA Securities, Credit Suisse, Morgan Stanley, Barclays, Citi, Jefferies, and UBS Investment Bank are the joint bookrunners on the deal. No pricing terms were disclosed.
