According to Seeking Alpha, mortgage insurer Essent Group (ESNT) backed by George Soros, Goldman Sachs (GS) and JPMorgan Chase (JPM) priced its initial public offering above expectations at $17.
The stock awards were valued using the $17-per-share IPO price. owns two insurance subsidiaries. The company laid off hundreds of employees and made other cost cuts in recent years as management.
Mortgage insurer Essent Group Ltd. on Monday filed for an initial public offering, backed by investors including Goldman Sachs Group Inc. and George Soros. Goldman Sachs, JPMorgan Chase & Co. and Barclays PLC are managing the share sale, according to a Bloomberg News report, citing the firm’s regulatory filing.
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Founded in 2008, Essent is a private mortgage insurer, approved by Fannie Mae and Freddie Mac and licensed nationwide. Headquartered in Radnor, PA, Essent offers private mortgage insurance, also known as mortgage guaranty insurance, MI or private MI, for single-family mortgage loans in the United States, providing private capital to mitigate mortgage credit risk for lenders and investors.
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In addition, the estimated initial public offering price is between $13.50 and $15.50 per common share. The mortgage insurer intends to use proceeds from the sale to cover general corporate.
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HAMILTON, Bermuda , Oct. 30, 2013 /PRNewswire/ – Essent Group Ltd. (the "Company") today announced that it had priced its initial public offering of 19,710,118 common shares at $17.00 per share. The shares are expected to begin trading tomorrow, October 31, 2013 , on the New York Stock Exchange under the ticker symbol "ESNT."
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Prudential said it plans to sell $1 billion of shares to raise funds for part of its planned $4.8 billion purchase price for two life insurance units from American International Group Inc. climbing.
Essent Group Inc (ESNT) experienced unusually high volume on Jan. 29, as the stock gained 1.71% to a closing price of $17.80. The stock saw 1.27 million shares trade hands over the course of the. Essent Guaranty is a private mortgage insurer focused on managing risk and dedicated to serving as a strong and fair counterparty..
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