×

LoanDepot delays IPO on eve of pricing: Sources

Online mortgage lender LoanDepot, which was expected to price its initial public offering tonight, has delayed its offering due to market conditions, according to people familiar with the situation and asked not to be named because the matter is confidential.

It could not be determined whether the Foothill Ranch, California-based company will pursue an IPO again in the near term.

The delay comes as unfavorable market conditions have caused several IPOs to discount or delay their offerings amid the volatility that has plagued the market since August.

In October, supermarket operator Albertsons Cos. withheld its IPO the eve of expected pricing, citing poor market conditions.

LoanDepot faces a tough competitive environment as well. Fellow online lending companies, LendingClub and On Deck Capital have seen their shares fall from initial public offering prices over the past several months.