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Enact Announces Closing of Initial Public Offering

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Enact Holdings, Inc. (Nasdaq: ACT) has successfully closed its initial public offering (IPO) on September 20, 2021, selling a total of 15,306,960 shares at $19.00 each. The underwriters exercised their overallotment option, and all shares were sold by selling stockholder Genworth Holdings, Inc. Additionally, investment funds managed by Bayview Asset Management purchased 14,655,600 shares from Genworth in a concurrent private sale. Goldman Sachs and J.P. Morgan acted as lead managers for the IPO, which was registered with the U.S. Securities and Exchange Commission on September 15, 2021.

Positive
  • Successfully closed IPO raising significant capital with 15,306,960 shares sold.
  • Shares sold at $19.00 each, demonstrating strong market interest.
Negative
  • All shares were sold by a selling stockholder, indicating limited new investment from the company itself.

RALEIGH, N.C., Sept. 20, 2021 /PRNewswire/ -- Enact Holdings, Inc. (Nasdaq: ACT) (Enact) today announced the closing of its initial public offering (IPO). 15,306,960 shares of common stock were sold in the IPO, including the full exercise by the underwriters of their overallotment option to purchase 1,996,560 shares, at a price to the public of $19.00 per share.

All of the shares were offered and sold by the selling stockholder, Genworth Holdings, Inc. (GHI), a wholly owned subsidiary of Genworth Financial, Inc.

In addition, certain investment funds managed by Bayview Asset Management, LLC (Bayview) purchased 14,655,600 shares of Enact's common stock from GHI in a concurrent private sale at a price per share equal to the initial public offering price less the underwriting discount per share.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as lead book-running managers for the IPO.

A registration statement relating to the shares sold in the IPO was declared effective by the U.S. Securities and Exchange Commission on September 15, 2021. The offering was made only by means of a prospectus, copies of which may be obtained from: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by email at prospectus-ny@ny.email.gs.com, or by telephone at (866) 471-2526; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at prospectus-eq_fi@jpmchase.com, or by telephone at 1-866-803-9204.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Enact

Enact (Nasdaq: ACT), operating principally through its wholly-owned subsidiary Genworth Mortgage Insurance Corp. since 1981, is a leading U.S. private mortgage insurance provider committed to helping more people achieve the dream of homeownership. Building on a deep understanding of lenders' businesses and a legacy of financial strength, we partner with lenders to bring best-in class service, leading underwriting expertise, and extensive risk and capital management to the mortgage process, helping to put more people in homes and keep them there. By empowering customers and their borrowers, Enact seeks to positively impact the lives of those in the communities in which it serves in a sustainable way. Enact is headquartered in Raleigh, North Carolina.

Cision View original content:https://www.prnewswire.com/news-releases/enact-announces-closing-of-initial-public-offering-301380814.html

SOURCE Enact Holdings, Inc.

FAQ

What was the price of Enact's IPO?

Enact's initial public offering was priced at $19.00 per share.

How many shares were sold in Enact's IPO?

A total of 15,306,960 shares were sold in Enact's IPO.

Who were the underwriters for Enact's IPO?

Goldman Sachs and J.P. Morgan acted as lead book-running managers for Enact's IPO.

When did Enact's IPO close?

Enact's IPO closed on September 20, 2021.

What is the significance of Bayview Asset Management's involvement in Enact's IPO?

Bayview Asset Management purchased 14,655,600 shares from Genworth in a concurrent private sale, showing institutional interest.

Enact Holdings, Inc.

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