PennyMac Financial Files for IPOThursday, February 7, 2013
PennyMac Financial Services, the residential mortgage loan provider led by former Countrywide Financial president Stanford Kurland, on Thursday said that it filed with U.S. regulators to raise more than $287 million in an initial public offering.
The Moorpark company, an affiliate of publicly held mortgage REIT PennyMac Mortgage Investment Trust, said that it plans to use net proceeds to grow its mortgage-banking business as the housing market recovers.
PennyMac Financial was founded in 2008 in partnership with BlackRock Mortgage Ventures LLC and HC Partners LLC.
The number of shares to be offered and the price range for the offering have not yet been determined.
In its filing with the U.S. Securities and Exchange Commission, PennyMac Financial said that for the nine months ended Sept. 30, it had net income of $60.4 million, compared with $11.5 million in the same period a year earlier. Revenue jumped 196 percent to more than $157 million.