PennyMac Financial Services said Monday it planned to raise $200 million though a previously announced initial offering by selling 11.1 million shares at a price range of $17 to $19.
The Moorpark residential mortgage loan provider and investment advisor led by former Countrywide Financial President Stanford Kurland, focuses on the production and servicing of U.S. residential mortgage loans. It did not say in its filing with the Securities and Exchange Commission when it intends to launch the IPO, but announcement of the pricing range generally signals that an offering in imminent.
PennyMac, which filed for the offering in February, said the net proceeds would be used to grow its mortgage banking business. The company, founded in 2008, is an affiliate of publicly held mortgage REIT PennyMac Mortgage Investment Trust, also is led by Kurland.
PennyMac Financial, which recorded $273 million in revenue last year, has an investment management subsidiary that manages the REIT and two other mortgage-related funds, which as of Dec. 31, 2012, had combined net assets of about $1.8 billion.
PennyMac plans to list shares on the NYSE under the symbol PFSI. At the midpoint of the proposed range, it would have a market value of about $1.4 billion.