Stonegate Mortgage Shares Surge In NYSE Debut

(RTTNews) - Shares of Stonegate Mortgage Corp. (SGM) are surging in their trading debut on the New York Stock Exchange Thursday following its initial public offering.

Stonegate Mortgage, a non-bank, integrated mortgage company focused on originating, acquiring, selling, financing and servicing U.S. residential mortgage loans, priced its IPO of 7.1 million shares at a price to the public of $16 per share, which is below its previously estimated price range of $20 to $22 per share.

The company has granted the underwriters a 30-day option to purchase up to 1.065 million additional shares at the initial public offering price less the underwriting discount.

The offering is expected to close on October 16.

Stonegate Mortgage shares are currently trading at $18.45 after trading as high as $18.88 earlier in the session.