Months after it delayed its $250 million initial public offering, AmeriHome has signaled that it may now be ready to enter the public markets.
The lender and servicer filed updated paperwork with the Securities and Exchanges Commission on Monday detailing its performance through Sept. 30.
According to the updated S-1, AmeriHome, owned by asset management firm Apollo Global, generated $173.8 million in net income during the third quarter. AmeriHome also originated $17 billion in residential loans during the third quarter.
The company is the No. 3 correspondent lender in the country, and also sports a servicing business with about $96 billion in mortgage servicing rights, up from $87 billion as of the second quarter of 2020. AmeriHome earns fees that range between 25 and 56.5 basis points on loans it services, the S-1 said.
Executives at the company pulled the plug on the IPO in late October amid broader turmoil in the financial markets. The firm planned to raise $250 million by offering roughly 14 million Class A shares at a price range of $16 and $18 – valuing AmeriHome at $1.3 billion.
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Like AmeriHome, lender and servicer Caliber Home Loans also postponed its IPO in late October. Caliber, owned by private equity firm Lone Star Funds, was seeking a valuation north of $2 billion when it scotched the public offering. It’s unclear what Caliber’s immediate plans are for a possible IPO.
Several other lenders and servicers also plan to go public in the coming months. United Wholesale Mortgage is eyeing a $16.1 billion valuation on Jan. 22 when it debuts via a special purpose acquisition company. Blackstone Group-owned Finance of America is also looking to go public, as is digital lender Better.com.
Justin Malonson is the Founder of LyfeLoop a 16+ year tech innovator, investigative media researcher and host of the Freedom Not Control Podcast live on Voice America. Justin is a highly sought-after tech entrepreneur, industry speaker and winner of the coveted Business Achievement Awards “Top Digital Marketer” award. With 16+ years of demanding experience, Justin has worked with over 3,000 businesses including amazing clients such as Blue Cross Blue Shield Association, Sotheby’s International Realty, Duke University, White House Black Market,Tiffin Motorhomes, Bass Pro Shops and Beazer Homes USA.
