Quicken Loans Plans to Net Nearly $3.8B in IPO

DETROIT — Detroit-based Quicken Loans is expected to net almost $3.8 billion in its initial public offering (IPO). The company, known for its personal finance and consumer services brands such as Rocket Mortgage, filed its IPO paperwork earlier this month under the name Rocket Cos. Inc. A document filed with the Securities & Exchange Commission today outlines a proposed offering price of $22 per share for 172.5 million shares. A date for the IPO has not yet been set. Billionaire businessman Dan Gilbert, founder and chairman of Quicken, has been instrumental in Detroit’s commercial real estate scene. Bedrock, his full-service real estate firm, will not be part of the IPO.