An IPO for Rocket Companies, Quicken Loans' parent company based in Detroit, was held on Thursday.
Results of RKT IPO
Rocket Companies is a holding company that consists of brands of personal finance and consumer services. It includes Rocket Loans, Rocket Homes, Rocket Mortgage, Rocket Auto, Core Digital Media, Rock Central, Edison Financial, Amrock, Rock Connections, Lendesk.
The company received $1.8 billion from investors on the IPO. Dan Gilbert, the chairman of the Board of Directors, said that in the future the company wants to use shares as currency to acquire even more financial technology companies.
Rocket Companies began trading on the New York Stock Exchange at around 11:00 am at an IPO price of $18 per share. During the trading day, the stock rallied up, and by the end of the day, Rocket Companies had closed at $21.51 per share, up by $3.51 or 19.5%.
RKT Became the Most Popular Buy Among Robinhood Users
Robinhood users joined the IPO with enthusiasm. The company's shares have become the very popular. On Thursday, more than 50,000 investors became the owners of it. When the stock price exceeded $20, the number of users who bought shares of this company went up exponentially.
Today, at the opening of the trading session, the price of RKT stocks increased by another 15%, so we can assume that shares will be in high demand again.