PennyMac Financial Services Inc., which originates, acquires and services residential mortgage loans, announced that it has priced initial public offering of 11.11 million shares of Class A common stock at $18.00 per share, at middle of estimated range. The company expects to close the offering on May 14, 2013.
In the amended S-1 filing with the SEC, the company had estimated to offer 11.11 million of Class A Shares of between $17.00 and $19.00.
All of the shares of Class A common stock are being offered by the Company.
The Moorpark-based company shares will be listed on the New York Stock Exchange and are expected to begin trading under the ticker symbol "PFSI" beginning on May 9, 2013.
The underwriters also have a 30-day option to buy up to an additional 1.67 million shares of Class A common stock at initial public offering price less the underwriting discount.
Citigroup Global Markets, Inc., BofA Merrill Lynch, Credit Suisse Securities (USA) LLC and Goldman, Sachs & Co. are acting as joint book-running managers for the offering. Barclays Capital Inc., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC are acting as co-managers for the offering.
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