Stonegate Mortgage shares rise in debut

NEW YORK (AP) - Shares of Stonegate Mortgage Corp. rose in their trading debut Thursday after the home lender raised nearly $114 million in its initial public offering.

The company, which is based in Indianapolis, originates, finances and services mortgages in the U.S. It expects to use the money to invest in its business and possible acquisitions.

It priced its offering of 7.1 million shares at $16 per share. That's below the range of $20 to $22 per share that it expected.

Shares rose $2.25, or 14 percent, to close at $18.25 Thursday. They trade on the New York Stock Exchange under the ticker symbol "SGM."

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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