LoanDepot Seeks to Raise Up to $100M from IPO

LoanDepot in Irvine, Calif., seeks to raise up to $100 million in an initial public offering.

The nonbank mortgage lender filed a registration statement with the Securities and Exchange Commission on Thursday.

The company was founded in 2010 by Anthony Hsieh, three years after he left Home Loan Center, which he had sold to LendingTree. (LendingTree later sold that company to Discover, which shut its operations earlier this year.)

Besides loanDepot, the company operates imortgage, Mortgage Master (which it acquired in 2014) and LDWholesale.

The filing did not disclose a price range for the proposed IPO, or a proposed number of shares to be sold. loanDepot plans to trade on the New York Stock Exchange under the symbol LDI.

A group of five investment banks, led by Morgan Stanley, are financial advisers to loanDepot on the IPO. Kirkland & Ellis and Sheppard, Mullin, Richter & Hampton are legal counsel to loanDepot.