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Tuesday, Oct 3, 2023

PennyMac Financial Files for $288 Million IPO

PennyMac Financial Services Inc. has filed paperwork for an initial public offering of up to $288 million on the New York Stock Exchange, the company said Thursday. The Moorpark company, headed by former Countrywide President Stanford Kurland, said it plans to use the proceeds primarily to expand its residential loan operation. The firm is the parent company of PNMAC Capital Management LLC, the manager of several subsidiary real estate investment trusts. They include publicly-traded PennyMac Mortgage Investment Trust, an investor in distressed real estate debt. PennyMac Finance Services makes and services residential mortgages. It reported income of $60.4 million for the nine months ended Sept. 30, up from $11.5 million during the same period a year earlier. Its revenue nearly tripled to $157 million during the period, according to its IPO filing with the Securities and Exchange Commission. The company’s primary investors are New York investment firm BlackRock Mortgage Ventures LLC and HC Partners LLC of Boston. The offering is being underwritten by Citigroup, Bank of America Merrill Lynch, Credit Suisse and Goldman Sachs & Co. The filing does not indicate how many shares will be issued or the company’s planned ticker. Shares of PennyMac Mortgage Investment Trust lost $1.13, or more than 4 percent, to close at $25.47 on the New York Stock Exchange.

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