Southern Pacific Funding Corp. said it completed its initial public offering of five million shares of common stock at $17 a share.

Of the total, three million shares were offered by Southern Pacific Funding and two million by Imperial Credit Industries Inc., previously the sole shareholder.

Southern Pacific said the proceeds will be used to pay debt, to fund loan originations and purchases, to support securitization transactions, to carry out a telemarketing agreement, and for general corporate purposes.

Southern Pacific originates, buys, and sells high-yielding, nonconforming home loans.

A number of smaller mortgage companies and specialists in home equity loans have gone public or offered shares recently, reviving a market that had been dormant for about three years.

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