Stonegate Mortgage Corp was able to raise USD 114 million in its initial public offering in New York. The company offered 7.1 million shares at a price of USD 16 apiece in trading that began on October 10. Lead underwriters for the public offering were BofA Merrill Lynch, Credit Suisse Securities, Barclays Capita. Inc and FBR Capital Markets & Co.
Trading would be closing on October 16 after customer closing conditions would be met. Stonegate Mortgage had also gave its underwriters a 30-day option to buy 1.065 million in additional shares. Co-managers of the share sale were Keefe, Bruyette & Woods Inc, and Sterne, Agee & Leach Inc.
A residential mortgage provider, Stonegate is backed by private equity firm Long Ridge Equity Partners. Its services include originating, acquiring, selling, financing and servicing residential mortgage loans in the US. It is licensed to do business in Washington, DC as well as in 39 states. Its stock trades in the New York Stock Exchange under the ticker symbol "SGM."
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