The mortgage space is heating up and ripe for public offerings, with three residential mortgage lenders pricing in October: Guild Holdings (GHLD), AmeriHome (AMHM), and Caliber Home Loans (HOMS).

A highly cyclical space, the uptick in IPO activity comes amid record low interest rates driving a spike in originations, with increased gain-on-sale margins, despite some headwinds from COVID-19 on the servicing side. As a result of higher mortgage activity and tech-enabled platforms, all three companies have delivered exceptional results in 1H20, more than doubling revenue year over year and demonstrating margin improvement.

Set to begin trading on Thursday, Guild Holdings plans to raise $153 million at a $1.1 billion market value. The relationship-based retail mortgage lender has 1,000 loan officers across 31 states, mainly on the West Coast and in the South. Guild has grown its market share and geographic footprint both organically and through acquisitions, and it has strategically focused on making purchase loans to first-time home buyers.

On the calendar for next week, AmeriHome plans to raise $250 million at a $1.3 billion market value. AmeriHome’s flexible and scalable platform has allowed the company to produce strong growth and performance, with 21 consecutive quarters of profitability and production volume growth of 187% from 2015 to the LTM 2Q20.

Caliber Home Loans plans to raise $345 million at a $1.8 billion market value. With a diversified, customer-centric platform, Caliber focuses primarily on the purchase market and is the second largest independent mortgage originator based on purchase volume since 2016.

U.S. IPO Calendar


Deal Size
Market Cap

Price Range
Shares Filed


Guild Holdings
San Diego, CA



Wells Fargo

Provides personalized mortgage services and loan origination.

Thousand Oaks, CA



Credit Suisse

Residential mortgage producer and servicer.

Caliber Home Loans
Coppell, TX



Credit Suisse

Residential mortgage producer and servicer.

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The latest mortgage IPO candidates follow the solid performance from leading online mortgage lender Rocket Companies (NYSE:RKT). One of the largest IPOs of the year, Rocket is up 11% from its August offering, benefiting from both the favorable environment and the ongoing shift to digital.

Another mortgage lender making headlines, United Wholesale Mortgage recently announced a merger agreement with Gores Holdings IV (NASDAQ:GHIV). The #1 wholesale mortgage lender in the US, UWM would be valued at $16 billion, making it the largest SPAC transaction to date.

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Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.