LOS ANGELES (AP) -- PennyMac Financial Services Inc. says it's going public and to hopes to raise $287.5 million in the process.
The company, which operates a mortgage lending, servicing and investment management business, filed preliminary documents for an initial public offering on Thursday with the Securities and Exchange Commission.
It did not specify when it plans to make its market debut, or the price it plans to set for its shares. It also didn't provide the stock ticker symbol it plans to trade under.
PennyMac is based in Moorpark, Calif. The company was founded under the name Private National Mortgage Acceptance Co. LCC in 2008 by members of the company's executive leadership and owners BlackRock Mortgage Ventures LLC and HC Partners LLC.
It consists of two business segments: mortgage banking and investment management.
The company's main mortgage banking subsidiary, PennyMac Loan Services LLC, services home loans for government-controlled mortgage companies such as Freddie Mac and Fannie Mae. It also acquires mortgages and makes loans directly to consumers online.
PennyMac's investment management unit, PNMAC Capital Management LLC, manages a mortgage real estate investment trust and several investment funds. All told, the REIT and the funds had combined assets of roughly $1.8 billion as of Sept. 30.
In the nine months ended Sept. 30, PennyMac's revenue grew nearly threefold to $157.3 million, while net income climbed more than fivefold to $60.4 million.
The company intends to use the net proceeds from the offering to ultimately grow its mortgage banking business and for general expenses.
PennyMac is the latest company with a business tied into the real estate market to make a bid to go public amid a rebound in housing.
Home sales and prices have routinely been setting multiyear highs as they come back from the real estate collapse, fueled by improvements in the job market and the overall economy, coupled with low interest rates.
Building materials maker Boise Cascade made its market debut on Wednesday and investors drove its shares up by 25 percent. Last month, homebuilder TRI Pointe saw its shares rise 12 percent on its first day of trading.
Another homebuilder, Taylor Morrison Home, filed documents for an initial public offering in December.