RALEIGH – Enact Holding, a provider of private mortgage insurance, closed its initial public offering and is now a publicly-traded company under the ticker symbol ACT on the Nasdaq stock exchange.
Prices jumped more than 4% – as high as $20.73 – and were still trading close to $21 Tuesday afternoon.
According to the company, 15,306,960 shares of company common stock were sold in the initial public offering, including the full exercise by the offering’s underwriters to acquire nearly 2 million shares. The offering price was $19 per share.
Enact noted in a statement that an additional agreement involved the purchase of 14,655,600 shares of common stock by investment funds managed by Bayview Asset Management, LLC.
The company’s stock price reached $20.99 per share on the first day of trading before closing the trading day at a price of $20.34 per share.
All shares of the company’s common stock were offered and sold by Genworth Holdings, Inc., a subsidiary of Genworth Financial, Inc., the company said in a statement.
Raleigh-based Enact Holdings launches initial public offering
