Shares of Rocket Cos, parent of Quicken Loans, rose after their initial public offering, a smaller-than-expected issuance reflecting investors’ hesitance amid cloudy economic forecasts.
The Detroit company late Wednesday priced 100 million shares at $18 each.
At last check the shares, trading under the symbol RKT, were 7.4% higher at $19.40.
Rocket had originally expected to raise as much as $3.3 billion via 150 million shares at $20 to $22. The underwriters also had had an option on 22.5 million more shares at the IPO price.
