Dan Gilbert’s Rocket Cos. Jumps in Debut After Scaled-Back IPO

Shares in Rocket Companies Inc., the parent of the mortgage giant founded by billionaire Dan Gilbert, gained as much as 26% in trading Thursday after a shrunken initial public offering that raised $1.8 billion.

The Detroit-based company fell short of raising up to the $3.3 billion it had aimed for. Rocket, which operates Quicken Loans and Rocket Mortgage, sold 100 million shares for $18 each. Rocket had earlier filed to sell 150 million shares at $20 to $22 each.

Shares were up 16% to $20.84 at 3:20 p.m. in New York, after rising as much as $22.76, giving it ...