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Enact Holdings Completes IPO

Navi Persaud
Sep 21, 2021

Genworth Financial Inc. announced the completion of the initial public offering for its subsidiary Enact Holdings Inc.

Enact is a provider of private mortgage insurance through its insurance subsidiaries. According to the company, 15,306,960 shares of its common stock were sold in the previously announced IPO, including the full exercise by the underwriters of their overallotment option to purchase 1,996,560 shares, at a price to the public of $19.00 per share. Enact is now trading on the Nasdaq Global Select Market under the ticker symbol "ACT."

All of the shares were offered and sold by the selling stockholder, Genworth Holdings, Inc. (GHI), a wholly-owned subsidiary of Genworth Financial, Inc.  

In addition, certain investment funds managed by Bayview Asset Management, LLC (Bayview) purchased 14,655,600 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.  

These transactions, including the IPO and the private sale of shares to Bayview, resulted in a total sale of 29,962,560 shares and GHI received aggregate net proceeds after underwriters' fees of approximately $535 million, before other fees and expenses.

Genworth's ownership of Enact decreased from 100% to 81.6% as a result of these sales. The company plans to use the net proceeds from the transactions to retire in full the outstanding balance on its promissory note with AXA and partially repay other outstanding indebtedness.

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