New Residential (NYSE:NRZ) is preparing for a spin-off of NewRez with an initial public offering (IPO) on the way.
Here’s what investors in New Residential need to know about the spin-off plans.
- New Rez is a mortgage lending and services company under New Residential.
- An affiliate of the company has confidentially submitted a draft registration statement for an IPO with the U.S. Securities and Exchange Commission (SEC).
- The finer details of this IPO spin-off from New Residential are still unknown.
- That includes no idea of how many shares of NewRez stock will be offered or at what price per share.
- We also don’t know what exchange the company plans to trade on or what stock ticker it will be using.
- Adding to that, there’s no date range revealing when the IPO might take place.
- Instead, New Residential just says that it will occur following once the SEC completes its review of the filing.
- Of course, that also includes changing the potential timing based on market conditions.
- It’s worth noting that New Residential is a mortgage real estate investment trust.
- The company was founded in 2011 and started trading shares publicly in 2013.
- NRZ stock’s current market capitalization is sitting at 3.88 billion.
- news of the New Residential spin-off has boosted trading to about 6.49 million shares as of noon Friday.
- That’s above the company’s average daily trading volume of 4.53 million shares.
NRZ stock was up 8.3% as of noon Friday.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.