Headlands Mortgage Co., a conventional mortgage lender, this week filed to sell eight million shares in an initial public offering.
Several subprime mortgage lenders have filed to go public in the last year. Headlands is one of only two conventional lenders to do so. HomeSide Inc. is the other.
Headlands will sell 4.5 million shares in the offering at $14 to $16, to raise about $62 million.
In addition, Headlands' chief executive officer, Peter T. Paul, will sell 3.5 million shares. Headlands will have 18.5 million shares outstanding, with Mr. Paul holding a 56.8% stake.