Velocity Financial (VEL) expects to raise $110 million in an initial public offering on Friday, January 17th, IPO Scoop reports. The company will be issuing 7,300,000 shares at a price of $14.00-$16.00 per share.
In the last year, Velocity Financial generated $147 million in revenue and $14.1 million in net income. The company has a market-cap of $285 million.
Wells Fargo Securities, Citigroup and JMP Securities served as the underwriters for the IPO and Raymond James was co-manager.
Velocity Financial provided the following description of their company for its IPO: ” We are a vertically integrated real estate finance company founded in 2004. We primarily originate and manage investor loans secured by 1-4 unit residential rental and small commercial properties, which we refer to collectively as investor real estate loans. We originate loans nationwide across our extensive network of independent mortgage brokers which we have built and refined over the 15 years since our inception. Our objective is to be the preferred and one of the most recognized brands in our core market, particularly within our network of mortgage brokers. “.
Velocity Financial was founded in 2004 and has 259 employees. The company is located at 30699 Russell Ranch Road, Suite 295, Westlake Village, CA 91362, US and can be reached via phone at (818) 532-3700. or on the web at http://www.velocitymortgage.com.
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