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Jacksonville, Florida-based mortgage technology, analytics, and data provider Black Knight Financial Services debuted its initial public offering on Wednesday morning at the New York Stock Exchange, offering 18 million shares of Class A common stock starting at a price of $24.50 per share for a total of $441 million. The price per share had increased by more than 10 percent up to $27.11 per share by the close of trading on Wednesday afternoon.
Among the lead underwriters for the IPO are JPMorgan Securities, Bank of America Merrill Lynch, and Wells Fargo Securities. The underwriters have a 30-day option to purchase an additional 2.7 million additional shares at the IPO price, minus underwriting discount and commissions. The offering is expected to close on Tuesday, May 26. Black Knight, which was purchased by Fidelity National Financial in 2013 for $2.9 billion, posted net earnings of $14.5 million in Q1 after suffering a net loss of $107 million for all of 2014.
Michael Stegman, currently the Counselor to the Secretary of the U.S. Department of Treasury for Housing Finance Policy, will step into a new position in the White House later this week when he joins the National Economic Council. Stegman, who has been with Treasury for four years, will be the main housing adviser for the Obama Administration in his new position with the NEC. He will be replacing Seth Wheeler, who is planning to leave the NEC in June after two years.
