Velocity Financial, Inc. Announces Pricing of its Initial Public Offering
16 Janeiro 2020 - 8:20PM
Business Wire
Velocity Financial, Inc. (“Velocity”) today announced the
pricing of its initial public offering of 7,250,000 shares of its
common stock at $13.00 per share. Shares of Velocity’s common stock
are expected to begin trading on the New York Stock Exchange on
January 17, 2020 under the symbol “VEL,” and the offering is
expected to close on January 22, 2020, subject to customary closing
conditions. Velocity has granted the underwriters a 30-day option
to purchase up to an additional 1,087,500 shares of its common
stock at the initial public offering price less the underwriting
discount.
The Company intends to use proceeds from the offering to repay a
portion of its outstanding corporate debt and the remainder for
general corporate purposes.
Wells Fargo Securities, Citigroup and JMP Securities are acting
as joint book-running managers, and Raymond James is acting as the
co-manager for the offering.
A registration statement on Form S-1, including a prospectus,
relating to these securities has been declared effective by the
Securities and Exchange Commission. This press release shall not
constitute an offer to sell or a solicitation of an offer to buy
these securities, nor shall there be any sale of these securities
in any state in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction.
The offering of these securities may be made only by means of a
prospectus. Copies of the prospectus may be obtained by contacting:
Wells Fargo Securities, LLC, Attention: Equity Syndicate
Department, 30 Hudson Yards, 500 West 33rd Street - 14th Floor, New
York, NY 10001 or by telephone at 1-800-326-5897 or by email at
cmclientsupport@wellsfargo.com; Citigroup Global Markets Inc., c/o
Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood,
NY 11717, or by telephone at 1-800-831-9146; JMP Securities LLC,
Attention: Prospectus Department, 600 Montgomery Street, 10th
Floor, San Francisco, CA 94111 or by telephone at 1-415-835-8985;
or Raymond James & Associates, Inc., Attention: Syndicate
Department, 880 Carillon Parkway, St. Petersburg, FL 33716 or by
telephone at 1- 800-248-8863 or by email at
prospectus@raymondjames.com.
About Velocity Financial,
Inc.
Based in Westlake Village, California, Velocity is a vertically
integrated real estate finance company that primarily originates
and manages investor loans secured by 1-4 unit residential rental
and small commercial properties. Velocity originates loans
nationwide across an extensive network of independent mortgage
brokers it has built and refined over 15 years.
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Investors and Media: Chris Oltmann (818) 532-3708
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