Genworth's mortgage insurer Enact Holdings IPO to value company at up to $3.3 billion

Enact Holdings Inc. , the mortgage insurer owned by Genworth Financial Inc. , set terms for its initial public offering on Monday with plans to offer 13.3 million shares priced at $19 to $20 each. The company would be valued at $3.3 billion at the top of that range. The company said all shares will be sold by Genworth and it will not receive any proceeds. It has applied to list on Nasdaq under the ticker "ACT." Goldman Sachs and JP Morgan are lead underwriters in a team of nine banks working on the deal. Proceeds will be used to repay a promissory note with Axa and other debt. The company had net income of $255.9 million in the six months through June 30, up from $141.2 million in the year-earlier period. Revenue rose to $564.7 million from $536.6 million. The Renaissance IPO ETF has gained 6.8% in the year to date, while the S&P 500 has gained 18.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Genworth's mortgage insurer Enact Holdings IPO to value company at up to $3.3 billion
Enact Holdings Inc. , the mortgage insurer owned by Genworth Financial Inc. , set terms for its initial public offering on Monday with plans to offer 13.3 million shares priced at $19 to $20 each. The company would be valued at $3.3 billion at the top of that range. The company said all shares will be sold by Genworth and it will not receive any proceeds. It has applied to list on Nasdaq under the ticker "ACT." Goldman Sachs and JP Morgan are lead underwriters in a team of nine banks working on the deal. Proceeds will be used to repay a promissory note with Axa and other debt. The company had net income of $255.9 million in the six months through June 30, up from $141.2 million in the year-earlier period. Revenue rose to $564.7 million from $536.6 million. The Renaissance IPO ETF has gained 6.8% in the year to date, while the S&P 500 has gained 18.7%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.