Genworth Announces The Launch If Its IPO, Rebranding As Enact
Genworth Mortgage Holdings, Inc. announced that it has commenced an initial public offering of 22,576,140 shares of common stock. All of the shares are being offered by the selling stockholder, Genworth Holdings, Inc. (GHI), a wholly owned subsidiary of Genworth Financial, Inc., and net proceeds from the offering will go to GHI, according to a press release.
In connection with the commencement of the initial public offering, GMHI has announced that it will rebrand, changing its name to Enact Holdings, Inc. (Enact).
The initial public offering price is expected to be between $20.00 and $24.00 per share. GHI expects to grant the underwriters a 30-day option to purchase up to an additional 3,386,420 shares of Enact's common stock at the initial public offering price, less the underwriting discount. The shares are expected to trade on the Nasdaq Global Select Market under the ticker symbol "ACT."
In addition to the shares being sold in the initial public offering, certain investment funds managed by Bayview Asset Management, LLC have agreed to purchase 4,000,000 shares of Enact's common stock from GHI in a concurrent private sale at a price per share equal to the initial public offering price less the underwriting discount per share. The concurrent private sale is contingent upon the initial public offering and subject to customary closing conditions.
J.P. Morgan Securities LLC and Goldman Sachs & Co. LLC are serving as lead book-running managers for the proposed offering.
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