Velocity Financial Goes Public

Velocity Financial Inc. in Westlake Village went public Friday on the New York Stock Exchange. A total of 7.25 million shares debuted at an initial price of $13 under the ticker VEL. The offering netted about $94 million. Velocity, founded in 2004, is a mortgage lender that provides loans mainly for 1-4-unit residential rental properties and small commercial properties. The company will use money from the offering to repay outstanding corporate debt, according to a press release. Wells Fargo Securities, Citigroup and JMP Securities acted as lead managers for the initial public offering. Shares closed Friday up 51 cents, or almost 4 percent, to $13.51 on the New York Stock Exchange.