Banking, finance, and taxes
AmeriHome Announces Potential Price Range for IPO
Published:
AmeriHome has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) regarding its initial public offering. The company intends to price its 14.7 million shares in the range of $16 to $18 per share, with an overallotment option for an additional 2.21 million shares. At the maximum price, the entire offering is valued up to $304.41 million. The company has yet to say on what exchange it plans to list its shares or even what ticker it plans to use.
The underwriters for the offering are Apollo Global Securities, Barclays, BofA Securities, Credit Suisse, Goldman Sachs, Houlihan Lokey, JPMorgan, RBC Capital Markets, Siebert Williams Shank, UBS, Citigroup and Wells Fargo.
This firm is a U.S. residential mortgage producer and servicer focused on driving profitable growth across market environments. It was founded in 2013 and designed to optimize operational and financial excellence, instilling a business strategy and culture management refers to as the “AmeriHome Way.”
AmeriHome has created a flexible and scalable platform with a modern purpose-built infrastructure, advanced data and analytics capabilities, all leveraging its management team’s collective experience to achieve what it believes is a highly efficient cost structure to target profitability in all market environments. This has led to strong growth and performance, evidenced by 21 consecutive quarters of profitability while growing its production volume 187.4% from 2015 to the second quarter of 2020, positioning it as the third largest correspondent producer.
The company has expanded its production volume from $18.7 billion in 2015 to $53.7 billion for the 12 months ended June 30, 2020, and its servicing portfolio from $18.9 billion to $87.9 billion.
In terms of its finances, total net revenues came in at $418.7 million at the end of 2019, an increase from $325.4 million in 2018. At the same time, net income was $174.5 million and $105.0 million, respectively.
The company intends to use the net proceeds from the offering for working capital and general corporate purposes.
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