Shares of Nationstar Mortgage Holdings Inc. have started trading on the New York Stock Exchange, though not at the price the company expected just two weeks ago.
Late last month, the Lewisville, Texas-based lender filed a FORM S-1 with the Securities and Exchange Commission indicating that it planned to offer shares of common stock at between $17 and $19 each.
Around 16.7 million shares were expected to be sold, while underwriters have a month to purchase up to an additional 2.5 million shares.
The company is parent to Nationstar Mortgage LLC.
Thursday, Nationstar said it cut the IPOÂ offering price to $14.
Near midday, shares were trading on the NYSEÂ at $13.90.
Nationstar was acquired in 2006 from Centex Corp. by Fortress Investment Group LLC, which is expected to hold as much as 80.8 percent of the new publicly traded company.
Prior to the Fortress acquisition, Nationstar operated as Centex Home Equity, or “CHEC.” Before adopting the Centex brand, it was known as Nova Credit Corp.
Several Nationstar executives, including Nationstar Mortgage LLC Chairman Anthony H. Barone, previously worked for subprime lender Associates First Capital and subsidiary Ford Consumer Finance, a unit previously known as General Electric Capital Corp.
Nationstar services 645,000 mortgages for nearly $107 billion. After it completes its planned acquisition of $63 billion in mortgage servicing rights from Aurora Bank FSB, it will be poised to become the country’s ninth-biggest residential servicer.
