The MReport Webcast: Thursday 5/21/2015

An initial public offering of 18 million shares of Class A common stock from Black Knight Financial Services, a Jacksonville, Florida-based technology, data, and analytics solutions provider for the mortgage industry, debuted Wednesday morning at the New York Stock Exchange. Services offered by Black Knight include selling access to cloud platforms that handle every part of the loan process to a large network of mortgage industry professionals and selling access to mortgage servicing platforms to companies that collect mortgage debts and facilitate the foreclosure process.

Black Knight debuted the IPO at the NYSE Wednesday morning at $24.50 per share, a total of $441 million. By the time trading closed at 4 p.m. eastern time Wednesday, the price of the stocks had increased by more than 10 percent up to $27.11 per share, according to the NYSE website. Among the lead underwriters for the IPO are JPMorgan Securities, Bank of America Merrill Lynch, and Wells Fargo Securities. The underwriters have a 30-day option to purchase an additional 2 point 7 million additional shares at the IPO price, minus underwriting discount and commissions, according to Black Knight.

In a combined session of the Federal Open Market Committee and the Federal Reserve, a meeting was held to discuss domestic and foreign financial market developments and the Federal Reserve’s Balance Sheet. This meeting comes three weeks after an initial meeting in late April, where Federal Reserve officials doubted that they would be able to raise short-term interest rates due to low economic growth. Those who attended the April policy meeting believed that the rise and fall of factors such as job gains, unemployment, household spending, and income all had an effect on the economy.