Report: Quicken Loans is planning to go public
DETROIT – America’s largest mortgage lender, Quicken Loans, is planning an IPO, according to reports. According to CNBC, billionaire Dan Gilbert’s company has filed paperwork that let it go public by next month. Quicken Loans is working with Morgan Stanley, Goldman Sachs, Credit Suisse and JPMorgan to manage the deal, CNBC reports. The value is expected to be in the tens of billions of dollars worth. Gilbert founded Quicken 35 years ago and eventually moved its headquarters to Downtown Detroit where he has built a real estate empire.
What does Quicken Loans plan to go public mean for city of Detroit?
DETROIT Quicken Loans quickly grew from a start-up to one of Detroits largest employers. Now that theres talk about the company planning to go public, what does that mean for the city of Detroit? Gilbert is already worth roughly $7 billion, but his wealth could expand more with the move to make Quicken Loans public. Investment banker Sheldon Stone, of Amherst Partners, said a Quicken Loans initial public offering coul mean a lot for the city of Detroit. If they add people and infrastructure and add jobs, it could be a beautiful thing for Detroit, Stone said.