• Rocket Companies, the parent company of Quicken Loans and Rocket Mortgage, priced its initial public offering at $18 per share Wednesday, below its previously planned range.
  • Shares of Rocket rose as much as 22% in the stock’s first day of public trading Thursday.
  • The company raised $1.8 billion in its IPO, less than it expected.
  • Read more on Business Insider.

Shares of Rocket Companies rose as much as 22% Thursday to $21.87 per share in the company’s public trading debut on the New York Stock Exchange. The stock trades under the ticker “RKT.”

Rocket Companies, the parent company of Quicken Loans and Rocket Mortgage, late Wednesday priced its initial public offering at $18 apiece for 100 million shares. That was a change from the company’s previously plan of 150 million shares for between $20 and $22 each, The Wall Street Journal reported.

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The company raised about $1.8 billion in its IPO, less than the $3.3 billion it had expected to raise. If the company had raised the expected amount, it would’ve been the second-largest IPO of the year after Bill Ackman’s $4 billion special purpose acquisition company, Tontine Holdings, according to Dealogic.

Instead, the Rocket IPO ranks as the seventh-largest this year, according to Dealogic data.

Rocket Cos. will use the proceeds from its IPO to acquire holding units and Class D common stock from Rock Holdings, owned by founder and chairman Dan Gilbert, an SEC filing showed.