The Orange County (Calif.) Register staffer Jeff Collins has the latest on LoanDepot's foiled stock sale.
The online mortgage lender was set to begin trading on the New York Stock Exchange on Nov. 13, but the company withdrew its offering on the eve of the IPO.
CEO Anthony Hsieh noted the bad fortunes of other recent IPOs as the reason for not taking the company public, but he has left the door open for a new IPO attempt in the near future.
“We’re already moving forward with our plans because of our capital reserves and the investor confidence we’ve earned beyond the IPO market,” Hsieh wrote on the loanDepot blog. “And while an IPO continues to be an option, perhaps one day in the future, it’s not a necessity.”Read the story to learn more.