NEW YORK, N.Y. - Shares of Stonegate Mortgage Corp. are rising in their trading debut Thursday after the home lender raised nearly $114 million in its initial public offering.
The company, which is based in Indianapolis, originates, finances and services mortgages in the U.S. It expects to use the money to invest in its business and possible acquisitions.
It priced its offering of 7.1 million shares at $16 per share. That's below the range of $20 to $22 per share that it expected.
Shares are up $1.88, or 12 per cent, to $17.88 in midday trading. They are trading on the New York Stock Exchange under the ticker symbol "SGM."