Rocket Companies, the parent company to Rocket Mortgage and Quicken Loans, had a disappointing IPO this week. The company was hoping to sell stocks to raise over $3.3 million but fell short at $1.8 million.
Of course, $1.8 million is not terrible, especially in this economy. The company’s founder Dan Gilbert said that he expects profits to exceed $3 billion in the second quarter compared with a loss in the same period last year. But the IPO was positioned as a tech company rather than a financial services company and investors just did not buy that.