Essent Group prices IPO above expectations at $17 per share

The mortgage insurer backed by George Soros, Goldman Sachs (GS), and JPMorgan (JPM) had expected a price range of $13.50-$15.50. At a price of $17, the company would be valued at about $1.4B and the 19.7M shares sold (24% of company) will raise nearly $335M.

Goldman is selling 1.5M of its shares, cutting its stake in the company to 7%. Soros isn't planning on selling and will have a 9% stake.

Mortgage insurer pure-plays like Radian (RDN) and MGIC Investment (MTG) have been high-flyers this year, as have those with sizable MI operations like Genworth (GNW) and AIG.

Essent will trade under the symbol ESNT.

From other sites
Comments (0)
Be the first to comment
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs