Genworth Financial to give mortgage insurance unit's IPO another try

China Oceanwide Holdings

13/09/2021 14:23

** U.S. life insurer Genworth Financial  GNW.N  on Mon
launches marketing for Enact Holdings  ACT.O , after postponing
the spin-off IPO of its mortgage insurance subsidiary in the
spring
    ** IPO of 13.3 mln shares looks to raise over $260 mln,
valuing Enact at roughly $3.3 bln, per SEC filing https://www.sec.gov/Archives/edgar/data/1823529/000162828021018423/enactholdingsincs-1a4.htm
    ** When GNW postponed the IPO in May, it cited volatility in
mortgage insurance (MI) sector, saying "current market pricing
for the planned offering does not accurately reflect Enact's
value"  urn:newsml:reuters.com:*:nL4N2N02PJ
    ** Public listing was proposed after long-running plans to
merge the MI unit with China Oceanwide were scrapped in April
    ** The original IPO aimed to raise up to ~$540 mln (22.6 mln
shares at $20-$24), valuing Enact at nearly $4 bln
    ** Goldman Sachs and JP Morgan leading the revised IPO
    ** GNW shares up 3.5% at $3.55 premarket. Stock down 9% YTD
through Fri close

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))