Rocket Cos. Inc., a Detroit-based holding company consisting of personal finance and consumer service brands including Rocket Mortgage (formerly Quicken Loans Inc.), today announced it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission relating to the proposed initial public offering of its Class A common stock.
The 387-page application, called a Form S-1, has been made for listing the common stock on the New York Stock Exchange under the ticker symbol RKT.
Based on the filing documents, 79 percent of the combined voting power of the company’s common stock would be controlled by Dan Gilbert, founder and chairman of Quicken Loans, and Rock Holdings Inc. There also would be a multiple-class share structure with various economic and voting rights.
“RHI will be able to control any action requiring the general approval of our stockholders, including the election of our board of directors, the adoption of amendments to our amended and restated certificate of incorporation … and the approval of any merger or sale of substantially all of our assets,” states the filing.
The number of shares to be offered and the price range for the proposed offering have not yet been determined. The offering is subject to market conditions, and there can be no assurance as to whether, or when, the offering may be completed or as to the actual size or terms of the offering.
A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
Board members include Gilbert; his wife, Jennifer; Jay Farner, CEO; Bob Walters, COO and president; Matt Rizik, chief tax officer and CFO of Rocket Holdings; Julie Booth, CFO of Quicken Loans; Angelo Vitale, general counsel and secretary; Nancy Tellem, a Hollywood producer and wife of Arn Tellem vice-chairman of Palace Sports and Entertainment; and Suzanne Shank, CEO of Siebert Williams Shank & Co.
Based on the IPO filing, Rocket Cos. had 2019 total net revenue of $5.1 billion, compared with $4.2 billion in 2018. Last year, the company reported $893.7 million in profits, almost double the amount (46 percent) from 2018.
For the first quarter of 2020 Quicken Loans saw net revenue of $1.4 billion, compared with more than $631 million during the same time period last year.
Rocket Cos. is a Detroit-based holding company consisting of personal finance and consumer service brands including Rocket Mortgage, Rocket Homes, Rocket Loans, Rocket Auto, Rock Central, Core Digital Media, Rock Connections, Lendesk, and Edison Financial. The company, founded in 1985, has 20,000 employees in the U.S.