A little more than a year after it withdrew its Initial Public Offering, loanDepot is reported to once again be exploring the possibility of reviving a stock offering, according to an article in Bloomberg by Matt Scully.
When loanDepot announced that it canceled its IPO, loanDepot Chairman and CEO Anthony Hsieh said, “While an IPO continues to be an option, perhaps one day in the future, it’s not a necessity.”
From the article:
The planning is in the early stages and the company isn’t ready to lay out a time frame for any IPO filing, said the person, who asked not to be identified because the talks are private.
Julie Reynolds, a spokeswoman for Foothill Ranch, California-based LoanDepot, declined to comment on an IPO plan.
At the time, loanDepot said it withdrew its IPO due to adverse "market conditions."
In the blog on the cancellation, Hsieh commented on the recent volatility in the stock market with other companies that have gone public this year, such as Lending Club and OnDeck, which both went public within the same year it would have and are already trading down.
While loanDepot announced it canceled its IPO in 2015, it did not officially request that the Securities and Exchange Commission withdraw its IPO until September 2016.
According to the SEC filing, “The company has determined not to pursue a public offering of the securities covered by the Registration Statement at this time.”
In the meantime, loanDepot has kept busy. The nonbank announced at the start of this year that it reached $100 billion in funding home, personal and home equity loans.
And earlier this month, it revealed its end-to-end proprietary digital lending platform after 18 months of labor. The announcement was part of a larger $80 million investment in technology.
