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Stonegate Mortgage Corp., an Indianapolis-based residential lender that's growing at a torrid pace, revealed July 2 that it has filed with regulators for an initial public offering.
The company, which like many mortgage companies is benefiting from the recovery of U.S. housing markets, didn't say how much it intends to raise or on which exchange its shares would trade.
IPO filings with the Securities and Exchange Commission normally open a company's books to immediate investor scrutiny. But Stonegate filed under a provision of the 2012 Our Business Startups Act that allows firms to keep financials confidential until 21 days before they launch a road show to promote the stock.
The provision spares companies from having to make profits, losses and other information public if they opt not to move forward with the IPO. It also shortens from months to weeks the period during which competitors and others can pick apart a company's operations scrutiny that sometimes hurts a company...