The company intends to use the net proceeds from the offering to ultimately grow its mortgage banking business and for general expenses.
PennyMac is the latest company with a business tied into the real estate market to make a bid to go public amid a rebound in housing.
Home sales and prices have routinely been setting multiyear highs as they come back from the real estate collapse, fueled by improvements in the job market and the overall economy, coupled with low interest rates.
Building materials maker Boise Cascade made its market debut on Wednesday and investors drove its shares up by 25 percent. Last month, homebuilder TRI Pointe saw its shares rise 12 percent on its first day of trading.
Another homebuilder, Taylor Morrison Home, filed documents for an initial public offering in December.