Dan Gilbert’s Rocket Said to Cut IPO by Over One-Third (1)

Rocket Companies Inc., the parent of the mortgage giant founded by billionaire Dan Gilbert, is now seeking to raise about $2 billion in an initial public offering after initially targeting as much as $3.3 billion, according to people familiar with the matter.

The Detroit-based company -- which expects to price its IPO Wednesday -- is set to market a reduced number of shares at about $18 to $20 apiece, said the people, who asked to not be identified because the matter isn’t public. The reduction comes as investors pushed back on the company’s valuation, believing it should be ...