Stonegate Stock Up at Outset in IPO Launch

Stonegate Mortgage’s initial public offering of 7.1 million shares started off strong Thursday with its stock rising initially by almost $2 in price in a move CEO Jim Cutillo told this publication bodes well for its efforts to help expand customer recognition of its name.

“We opened up trading this morning and the stock immediately traded a couple dollars up,” he said.

The stock, which is now trading on the Nasdaq exchange under the ticker symbol SGM, opened at $17.12 per share and at one point Thursday morning was trading as high $18.68 per share, according to Yahoo Finance. At deadline around midday on the East Coast it was trading at $18.18 per share.

Cutillo told this publication that the IPO will lend even more momentum to the Indianapolis-based company with strategic expansion in mortgage technology, origination and financing that he said already has been moving more quickly than expected, achieving a “bigger brand presence” in markets.