Stonegate Mortgage Hits Wall Street
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowShares of Indianapolis-based Stonegate Mortgage Corp. (NYSE: SGM) are trading higher during the company's first day on the New York Stock Exchange. The initial public offering was priced at $16 per share, bringing in roughly $114 million, which is less than anticipated. Chief Executive Officer Jim Cutillo says there are clear indications of a housing recovery throughout the country, making this a good time to go public. The shares were up $2.00 in morning trading.
In a filing with the U.S. Securities and Exchange Commission, Stonegate was offering 8.6 million shares in the range of $20.00 to $22.00 per share.
You can view Stonegate's filing to the SEC by clicking here.
Stonegate executives will ring the opening bell tomorrow on Wall Street.
Cutillo says the company's goal is to be licensed in the lower 48 states “in very short order.”
Sources: Inside INdiana Business, U.S. Securities and Exchange Commission, Stonegate Mortgage Corp.
October 10, 2013
News Release
INDIANAPOLIS, Ind. – Stonegate Mortgage Corporation (SGM) (the “Company”) announced today the pricing of its initial public offering of 7,100,000 shares of common stock at a price to the public of $16 per share. The Company has granted the underwriters a 30-day option to purchase up to 1,065,000 additional shares at the initial public offering price less the underwriting discount. The Company's common stock began trading on the New York Stock Exchange under the symbol “SGM” on October 10, 2013. The offering is expected to close on October 16, 2013, subject to customary closing conditions.
BofA Merrill Lynch, Credit Suisse Securities (USA) LLC, Barclays Capital Inc. and FBR Capital Markets & Co. are acting as joint book-running managers for the offering. Keefe, Bruyette & Woods, Inc. and Sterne,
Agee & Leach, Inc. are acting as co-managers.
The Company is a leading, non-bank, integrated mortgage company focused on originating, acquiring, selling, financing and servicing U.S. residential mortgage loans. It is currently licensed in 39 states and Washington, D.C.
Stonegate Mortgage Corporation
Founded in 2005, Stonegate Mortgage (SGM) is a leading, non-bank, integrated mortgage company that originates, finances and services agency and non-agency residential mortgages through its network of retail offices and approved third party originators. Stonegate Mortgage also provides financing through its wholly owned operating subsidiary, NattyMac LLC. Stonegate Mortgage's operational excellence, financial strength, dedication to customer service and commitment to technology have positioned the firm as a leading provider in the emerging housing finance market.
Source: Stonegate Mortgage Corp.