Dan Gilbert’s Rocket Raises $1.8 Billion in Downsized IPO (1)

Rocket Companies Inc., the parent of the mortgage giant founded by billionaire Dan Gilbert, priced shares below the marketed range in a shrunken initial public offering to raise $1.8 billion.

That fell far short of the $3.3 billion offering the Detroit-based company had aimed for earlier.

Rocket, which operates Quicken Loans and Rocket Mortgage, sold 100 million shares for $18 each, according to a statement. Rocket had earlier filed to sell 150 million shares at $20 to $22 each.

The diminished listing came as investors pushed back on the company’s valuation, believing it should be priced as ...