Home Loan Servicing Solutions readies IPO
Home Loan Servicing Solutions plans to raise about $275 million through an initial public offering. Wells Fargo (WFC) and Barclays Capital (BCS) are co-managers for the sale of 18.3 million shares, which are expected to price around $15 a share. Home Loan Servicing Solutions didn't provide a timeline for when the deal will come to market. In late February, the company was formed to acquire the mortgage-servicing assets of Ocwen Financial Corp. (OCN) and announced plans for the IPO. Home Loan Servicing Solutions expects to list its shares on Nasdaq under the ticker symbol HLSS. The company initially sought proceeds of about $316.3 million from an IPO. William Erbey, chairman of Ocwen and founder of Home Loan Servicing Solutions, plans to acquire $10 million worth of common shares through a private placement at the time of the IPO, according to filings the with the Securities and Exchange Commission. With the wild gyrations on Wall Street over the past week, some companies have been delaying their IPOs — at least for a few weeks. Eight of the 12 initial public offerings scheduled to be priced this week have officially postponed their debuts, and the others are expected to hold off as well, said James Kapfel, an analyst with Morningstar Inc. (MORN: 56.20 ()), a Chicago-based investment research company. Write to Jason Philyaw.