The stock started trading on the New York Stock Exchange on the morning of Feb. 8, and opened below IPO price at $20.50 per share. At 2:45 p.m., it was down 5.65% on the day to $20.05 per share; it closed at $19.95 (off 6.12%) after dropping as far as $19.81 at one point.
In comparison, the worse performing stock in Friday's Mortgage Industry Equity Composite was Radian, off 2.33%. Redwood Trust, a REIT in the MIEC, was up 0.77%
Deutsche Bank Securities Inc., Citigroup Global Markets Inc., Barclays Capital Inc. and Credit Suisse Securities (USA) LLC are the joint book runners for the offering.
Stifel, Nicolaus & Co. Inc. is acting as lead manager, and Oppenheimer & Co. and Ladenburg Thalmann & Co. Inc. are acting as co-managers.