Quicken Loans to offer 150M shares in IPO between $20-$22 per share

Posted at 8:42 AM, Jul 28, 2020

(WXYZ) — Quicken Loans is looking to get more than $3.8 billion in its initial public offering, according to a new filing with the Securities and Exchange Commission on Tuesday.

According to the filing, there will be 172.5 million shares offered at a price expected to be between $20 and $22 per share. The filing reports that there will be 22.5 million shares that underwriters have the option to purchase.

That will leave 150 million shares of Class A common stock for Rocket Companies.

Four classes of stock will be issued. Rock Holdings Inc., the parent company controlled by Dan Gilbert will control 79% of the combined voting power of the common stock. This will keep control of any action that needs the approval of stockholders with Rock Holdings.

Class A and Class C common stock will have one vote per share, Class B common stock and Class D common stock will have 10 votes per share, according to the filing. Gilbert will hold 99.95% of the class D common stock.

No date has been set for the IPO.