Stonegate Mortgage Corp., an Indianapolis-based independent mortgage banker, said on Tuesday that it plans to conduct a registered initial public offering of its common stock. This move was expected after its private offering in May.
The IPO is expected to commence after the Securities and Exchange Commission completes the review process initiated by the company’s confidential submission last Friday of its draft registration statement, subject to market and other conditions.
The number of shares to be offered and the price range for the offering have not been determined.
However, in a related move back in May, Stonegate
At that time, Stonegate CEO Jim Cutillo said the company intends to file an S-1 registration statement with the Securities and Exchange Commission in June and the stock should be brought to the general market later this year.
The primary uses for the proceeds will be to grow its production operation to be able originate loans in the 48 contiguous states (it currently operates in 31), as well as to grow its servicing portfolio.
Besides being an originator and a servicer, Stonegate is a provider of warehouse credit through its acquisition of the Nattie Mac platform.
