Genworth Values Mortgage Insurer Enact Holdings at $3.3 Billion in IPO

Richmond, Va.-based Genworth Financial, Inc. announced Monday that its wholly-owned subsidiary, Enact Holdings, Inc., plans to offer 13.3 million shares priced at $19 to $20 each in its upcoming initial public offering. This would value the mortgage insurer at up to $3.3 billion. The company said all shares will be sold by Genworth and it will not receive any proceeds. (Enact), has amended its registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the SEC) in connection with its proposed initial public offering. In that filing, Enact states the following regarding the use of proceeds: “As selling stockholder, Genworth Holdings, Inc. (GHI) will receive all net proceeds from the sale of shares of Enact’s common stock,” the…