Detroit-based Rocket Cos. Inc. today is making its debut on the New York Stock Exchange as a publicly traded company with its stock beginning to trade under the ticker symbol “RKT.”
Founder Dan Gilbert and CEO Jay Farner rang the bell at the NYSE at 9:30 this morning to start the trading session that included Rocket Cos. initial public offering of 100,000,000 shares of its Class A common stock at a price of $18.00 per share.
Tech-driven Rocket Cos., founded by Gilbert, is one of the nation’s largest real estate, mortgage, and financial services enterprises. The related businesses include Rocket Homes, Rocket Auto, and Rocket Mortgage, the nation’s largest mortgage lender.
“We see tremendous runway to drive long-term profitable growth by increasing market share in the massive and fragmented mortgage industry and leveraging our technology platform to unlock opportunities in our ecosystem,” says Farner. “We invest for the long-term and place enormous value on supporting our team members, clients and hometowns.
Rocket Cos.’ flagship business, Rocket Mortgage, offers an end-to-end digital experience for personal mortgages and is the largest retail mortgage originator in the U.S. The company’s technology platform has enabled its expansion into complementary industries, providing long-term growth opportunities in real estate services, personal lending, and auto sales.
“Rocket has spent the last 35 years becoming America’s largest mortgage lender by taking the road less traveled,” says Gilbert, founder and chairman of the board of Rocket Cos. “I have full confidence in Jay and the rest of the senior leaders to build on the blueprint that got the company to where it is today and find innovative ways to reach new clients in the future.”
Rocket Cos. has been headquartered in Detroit since 2010. Through the Quicken Loans Community Fund, the company’s contributions and expertise have been able to improve access to housing, employment, and education.
In July 2020, the company announced it had invested millions into initiatives such as Connect 313, an organization that coordinates digital inclusion strategy across the city of Detroit, as part of the Rocket Mortgage Classic’s “Changing the Course” initiative. The company’s team members have donated hundreds of thousands of hours to assist in accomplishing these demanding goals.