Cashing out founder and Chairman Dan Gilbert, 58, who suffered a serious stroke in May 2019 and may wish to curtail his involvement and shore up his estate planning.Some possible reasons for Quicken's decision to go public could include: And it will be an IPO that a lot of people watch carefully, because we’re talking about billions of dollars here.” "Quicken Loans is not your typical IPO company - both the kind of business that it is in and the size of the company," said Amiyatosh Purnanandam,a finance professor at the University of Michigan's Ross School of Business. "So it will be a unique IPO. They also note how unlike many recent IPOs, Quicken would be launching an IPO not as a young startup eager to dethrone incumbents, but from its already top position in the mortgage industry. The report, citing unnamed sources, said Quicken is working with Goldman Sachs, Morgan Stanley and others, and that its multibillion-dollar IPO could be the biggest of the year.Īn IPO is when a company first sells shares of its stock on a public market to generate capital, which can be used to fund growth and other purposes.įinance and business experts say there are various reasons why Quicken Loans, a large and established company, could be looking to go public. Quicken Loans has yet to confirm or deny the CNBC report last week that it is secretly planning an IPO that may be unveiled as soon as July.
"Wall Street doesn’t like car companies, so it is kind of unfair to compare them, but that’s all we have in Detroit.” "They might be bigger than GM the day they do this IPO," said Van Conway, a metro Detroit business consultant and head of Van Conway & Partners.
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