Nationstar Mortgage Holdings Inc.'s initial public offering opened this morning on the New York Stock Exchange at $13.58 per share, which is below its pricing late yesterday at $14 per share. At 11:20 am the stock was trading at $13.89 per share.
The Lewisville, Texas-based company is offering 16.67 million shares of common stock which should result in proceeds of $218 million. The underwriters have a 30-day option to purchase an additional 2.5 million shares of common stock to cover over-allotments.
B of A Merrill Lynch, Citigroup, Credit Suisse and Wells Fargo Securities are the joint bookrunners for the IPO, while Allen & Co. LLC, Barclays Capital LP, J.P. Morgan, Keefe, Bruyette & Woods and Sterne Agee are the co-managers.
Nationstar services $107 billion in residential mortgages. The company originated $3.4 billion last year. It also offers real estate owned management services.
