PennyMac Financial Services (PFSI) announced the pricing of its initial public offering of 11.1 million shares of common stock at a price of $18 per share.

The shares will be listed on the New York Stock Exchange and are expected to begin trading under the ticker symbol PFSI.

The underwriters also have a 30-day option to purchase up to an additional 1.66 million shares of stock from PennyMac at the initial public offering price less than the underwriting discount. 

The offering is expected to close on May 14. 

Citigroup Global Markets (C), Bank of America Merrill Lynch (BAC), Credit Suisse Securities (CS) and Goldman Sachs (GS) are acting as joint book-running managers for the offering. 

Barclays Capital (BCS), JPMorgan Securities (JPM), Morgan Stanley (MS) and Wells Fargo Securities (WFC) are acting as co-managers for the offering.