Quicken Loans Rumored to be Going Public

**Richard** · June-23-20, 11:42 AM

So let’s take an unconfirmed rumor,turn it into billions of dollars and spend it while berating those who do not side with unconfirmed rumors.

Then to top it off charge others with wild theories and doom speculation,after speculating with wild theories.

Makes total sense.

**bailey** · June-23-20, 01:01 PM

Originally Posted by Richard

So let’s take an unconfirmed rumor,turn it into billions of dollars and spend it while berating those who do not side with unconfirmed rumors.

Then to top it off charge others with wild theories and doom speculation,after speculating with wild theories.

Makes total sense.

Makes more sense than taking an unconfirmed rumor and turning it into the total downfall of every single on going development downtown. Especially when placed in context of the reporting on it and Gilbert's own statements.

Hudson site? Oh, that's DEAD because the rumored IPO. They're just moving dirt around for the investors now. Quicken is moving to Livonia or India, or texas ....TOMORROW because...reasons. Bedrock is dead. close it up! Monroe block NAH, Gilbert needs to line his pockets! Ignore literally every other public statement the guy has made about his intentions in Detroit and Cleveland.

Look, I'm as cynical and intolerant of Detroitists wearing blinders to reality as they come, but the doom and gloom histrionics here and elsewhere over a [[alleged...rumor has it...etc) IPO is almost pathological.

**313WX** · June-23-20, 01:15 PM

Originally Posted by Satiricalivory

It's not it's almost like a disorder, I pray god can help them. Unfortunately there are so many people like this on the internet when it comes to Detroit I've found. It's sad because if this IPO was happening in literally any other city this wouldn't even be an argument. It would just go like this "wow great news! local company hitting the big time" and that would be the end of the discussion. Instead we get all sorts of wild theories and doom speculation.

Unlike most cities, Detroit historically tends to have very bad luck when it comes to stuff like this.

You could be right and I think we all hope you are, but people have a good reason to be cynical.

If you want to change their minds, prove them wrong with consistently positive results.

**Gistok** · June-23-20, 01:22 PM

Good to see you back Bailey...

Somehow the thought of Gilbert earning 10's of billions brings out a lot of negativity. You'd think they were talking about the Ilitches...

A dozen years ago anyone dreaming that someone would buy up and fix up or build 100 downtown properties would be thought crazy. But we've been proven wrong... not sure what more proof is needed that his track record doesn't say volumes about his intent with putting his money with his mouth is.

Regardless of how long it takes to pour 150 caissons on the Hudson's site or the future of the Monroe site... just watching the magnificent $313 million restoration of the Book Tower/Building is something that has been dreamed about for the 20 years I've been on this forum. Some people just need to take off their blinders and look at the bigger picture of Gilbert's intentions downtown and midtown... and be patient about it!

**Satiricalivory** · June-23-20, 03:20 PM

Originally Posted by 313WX

Unlike most cities, Detroit historically tends to have very bad luck when it comes to stuff like this.

You could be right and I think we all hope you are, but people have a good reason to be cynical.

If you want to change their minds, prove them wrong with consistently positive results.

I agree with you and that's fair and true for many people. But you have to admit there are also lots of other people who dont care about results or logic or reason or anything in good faith when it comes to our city. You can tell that for some it's beyond cynical, it's pathological. It needs to be called out and this toxic behavior I believe should not be tolerated nor should any Detroiter have to put up with the abuse from anyone.

**Hypestyles** · June-23-20, 05:16 PM

hmm.. if Quicken were to go public, how could laypeople go about trying to invest in it?

**Richard** · June-23-20, 06:52 PM

Originally Posted by Satiricalivory

I agree with you and that's fair and true for many people. But you have to admit there are also lots of other people who dont care about results or logic or reason or anything in good faith when it comes to our city. You can tell that for some it's beyond cynical, it's pathological. It needs to be called out and this toxic behavior I believe should not be tolerated nor should any Detroiter have to put up with the abuse from anyone.

You got all of that from how a unconfirmed rumor should play out?

The money is not even in the bank yet and you have all ready figured out how to spend it and everybody that does not agree with you should not be tolerated?

Read the Amazon thread it plays out the same way,all that is happening is speculation,the thread does not specify,only positive speculation allowed.

If you are going to speculate on something it is going to involve positives and negatives because even if it plays out there will still be winners and losers,that’s the way it works.

If you have not noticed the history of pump and dump in Detroit then you are not paying attention,and it happens in every city.

**Richard** · June-23-20, 06:54 PM

Originally Posted by Hypestyles

hmm.. if Quicken were to go public, how could laypeople go about trying to invest in it?

by the time it happens,it will be to late for the laypeople.

It is a risky market because all it takes is the market to drop a few points and you can lose everything fast.

You could put 50-100k on deposit with a broker,but if it does not happen then you lose a percentage of it in handling fees.

But if it does happen the speculation will make your 50-100k look like pocket change by the time it is done being worked.

If your looking for secure investing as a layperson and believe in your city,buy your muni bonds,they are guaranteed by the taxpayer,will not make you a millionaire but less risky.

**bailey** · July-07-20, 03:51 PM

Originally Posted by Richard

You got all of that from how a unconfirmed rumor should play out?

as of about 5 minutes ago, it's not a rumor.

so I guess we should all be expecting the complete emptying out of Detroit beginning today. last one out, turn off the lights....or leave them on. doesn't matter.

**313WX** · July-07-20, 03:59 PM

Originally Posted by bailey

as of about 5 minutes ago, it's not a rumor.

Quicken Loans Files Paperwork for IPO under Rocket Companies Name

https://www.crainsdetroit.com/financ...companies-name

**Richard** · July-07-20, 04:12 PM

Originally Posted by bailey

as of about 5 minutes ago, it's not a rumor.

so I guess we should all be expecting the complete emptying out of Detroit beginning today. last one out, turn off the lights....or leave them on. doesn't matter.

I remember people saying that during the bankruptcy and not thinking twice about giving away city assets based on that theory,I never supported it.

The Detroit-based holdings company said in the late Tuesday filing it earned $97.7 million in the first quarter, contrasting with a loss of $299 million in the first quarter of 2019. Revenue rose to $1.37 billion from $632 million in the year-ago quarter.

They are showing a 19% growth rate.

The underlying question is in the following

It also has expanded into personal lending and auto sales, among other products.

With the shakeup in the economy along with how some believe the auto lending business is in a bubble is why they are considered high risk.

https://www.marketwatch.com/story/ro...ipo-2020-07-07

**313WX** · July-07-20, 04:53 PM

With revenue last year of only $5.1 billion. Quicken may fall just shy of making the Fortune 500 list.

But if it does crack the top 500, it would be Metro Detroit's 11th.

**Satiricalivory** · July-07-20, 05:24 PM

Four classes of stock will be issued. Rock Holdings Inc., the parent company controlled by Dan Gilbert will control 79% of the combined voting power of the common stock. This will keep control of any action that needs the approval of stockholders with Rock Holdings.

This includes the election of a Board of Directors.

https://www.wxyz.com/news/quicken-lo...cket-companies

Well whaddaya know, looks like there's no Dan-exit for Detroit after all.

**EGrant** · July-07-20, 10:18 PM

Wow, so all that ridiculous speculation here was exactly that.

**Gistok** · July-07-20, 11:25 PM

Originally Posted by EGrant

Wow, so all that ridiculous speculation here was exactly that.

Yeah... some here thought that he was going to cash in and abandon Detroit... sounds silly right about now, doesn't it?

**Richard** · July-08-20, 06:32 AM

Originally Posted by EGrant

Wow, so all that ridiculous speculation here was exactly that.

It still is until the money is in the bank and he reveals what his intentions are.

IPOs are announced everyday that do not meet their expectations.

**Meddle** · July-08-20, 10:10 AM

And as I mentioned, this may only be the first step of many planned for future years.

**Lowell** · July-28-20, 07:48 AM

Rocket Companies Inc., the Detroit-based mortgage company founded by billionaire Dan Gilbert, plans to net almost $3.8 billion in its pending initial public offering.

"While no date has been set for the IPO, an updated regulatory filing Tuesday morning outlines a proposed offering price of $22 a share, selling 172.5 million shares for a total IPO value of $3.795 billion.

"A spokesperson for the company had no immediate comment Tuesday morning, but stressed that the price per share remains in flux, noting that it could land somewhere in between $20 and $22."
https://www.crainsdetroit.com/news/r...ing-news-alert

**Lowell** · July-29-20, 06:30 AM

I thought that was an awfully low valuation and I was corrected. Yesterday's article in Crains failed to mention that "the proposed offering amounts to 8 percent of the new company, which will remain tightly controlled by Gilbert, and values the mortgage giant at around $40 billion" as was mentioned in today's version.

https://www.crainsdetroit.com/news/r...ercent-company

**Richard** · July-29-20, 07:50 AM

https://www.ccn.com/heres-what-the-q...ousing-market/

It turns out Quicken Loans wants an initial public offering [[IPO). The mortgage lending company has made a private filing and is currently working with major Wall Street banks to make it happen. This tells us a lot about the health of the U.S. housing market, and it’s probably not good.

Intuit owned a separate entity, called QuickenMortgage, when it purchased Rock Financial in 1999, which it combined with Rock Financial’s mortgage business to form Quicken Loans. Even after Gilbert repurchased the company, Intuit remained the owner of the brand.
Rocket has entered into an agreement to assume full ownership of the brand in 2022 “in exchange for certain agreements.” Until that deal closes, Intuit reserves the right to terminate the licensing agreement if Quicken Loans breaches its obligations or if there are “certain instances where wrongdoing or alleged wrongdoing by Quicken Loans or any controlling person could have a material adverse effect on Intuit,” the company said.

https://www.marketwatch.com/story/qu...der-2020-07-08

Rocket currently plans to retain all future earnings and doesn’t anticipate paying cash dividends “for the foreseeable future” following the IPO. That means shareholders will have to rely on stock gains for returns.

Any future plans to offer a dividend could be further complicated by the company’s structure. “As a holding company, our ability to pay dividends depends on our receipt of cash dividends from our subsidiaries, which may further restrict our ability to pay dividends as a result of the laws of their respective jurisdictions of organization,” the company noted.

**Scottathew** · August-06-20, 07:31 AM

From rumors to sold! The Quicken is going public today at $18 a share. "Rocket Companies" will trade on the NYSE as symbol "RKT".

https://seekingalpha.com/article/436...s-soon-you-can
https://seekingalpha.com/news/360157...nting-18-share
https://www.benzinga.com/fintech/20/...ancial-service
https://finance.yahoo.com/q?s=RKT

**Satiricalivory** · August-06-20, 11:00 AM

Dan Gilbert’s $30 Billion Fortune Revealed in Rocket IPO

Dan Gilbert’s long-awaited initial public offering of Rocket Cos. may have been downsized on Wednesday, but it finally reveals the vast fortune he’s built in a city battered by the last financial crisis.The listing values his mortgage company at about $35 billion after it priced 100 million shares at $18 each on Wednesday. While below a marketed range of $20 to $22 for 150 million shares, the Detroit-based firm, which includes Quicken Loans, has a higher market value than Ford Motor Co.

https://www.bloomberg.com/news/artic...-in-rocket-ipo

**401don** · August-06-20, 12:05 PM

Originally Posted by Satiricalivory

Dan Gilbert’s $30 Billion Fortune Revealed in Rocket IPO

https://www.bloomberg.com/news/artic...-in-rocket-ipo

I've never heard of an IPO for such a small portion of a company. You almost wonder why they bothered. It may be more about raising the profile of the company than any financial reason.

**Satiricalivory** · August-06-20, 12:12 PM

I'd say that's likely.

**Atticus** · August-06-20, 01:52 PM

As of today, I am a [[very, very small) part owner of Rocket Mortgage.

Doing what I can to support the company and [[indirectly) the city. And while more for show, financially speaking I figure it is a safer bet than any gamble I could make in the recently reopened casinos.