Parthenon Capital Partners portfolio company loanDepot has withdrawn its IPO, a decision that came just before it was set to price Thursday. The U.S. consumer lending platform had filed to list 30 million shares on the NYSE under the symbol LDI; at the midpoint of its expected $16 to $18 range, the loanDepot offering would have raised $510 million and given the company an initial market cap of about $2.5 billion. Parthenon, which backed loanDepot in January 2010, holds a 31.5% stake in the company and was set to offer 3.6 million shares in the flotation.
loanDepot is the second largest U.S. direct-to-consumer non-bank originator by annual funded loan amount, having facilitated over $50 billion in total funding. The company has been profitable since 2012, recording net income of $69.2 million on nearly $489.6 million in total net revenues in the six-month period ended June 30. loanDepot reportedly cited "market conditions" as the reason for the withdrawal. Just last month, another notable PE-backed company, Albertsons, postponed its anticipated IPO.