PennyMac IPO could exceed $200M

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PennyMac Financial Services Inc., a mortgage banking and investment management firm founded in 2008 with strategic partners BlackRock and Highfields,  is planning to sell 11.1 million shares in an initial public offering that it expects will price between $17 and $19 a share. PennyMac expects to net up to $215.6 million in the IPO if underwriters exercise options to buy an additional 1.67 million shares, which will be used to provide capital to grow the mortgage banking business of its investment management subsidiary, Private National Mortgage Acceptance Co. LLC.  Source: PennyMac regulatory filing.