DETROIT – Detroit-based Quicken Loans debuted their IPO on the New York Stock Exchange on Thursday with a lower-than-expected opening share price of $18.
Rocket Cos., the parent company of Quicken Loans, will offer public shares for the first time this week, but it will be smaller than originally reported.
Quicken Loans quickly grew from a start-up to one of Detroit’s largest employers.
Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public.
Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering could mean a lot for the city of Detroit.