Enact Announces Pricing Of IPO Of 13.31 Mln Shares At $19.00/shr

(RTTNews) - Enact Holdings Inc. announced the pricing of its initial public offering of 13.31 million shares of common stock at a price to the public of $19.00 per share.

All of the shares are being offered by the selling stockholder, Genworth Holdings, Inc. (GHI), a wholly owned subsidiary of Genworth Financial, Inc., and Enact will not receive any proceeds from the sale of shares by GHI.

The shares are expected to begin trading on the Nasdaq Global Select Market on September 16, 2021 under the ticker symbol "ACT."

The offering is expected to close on September 20, 2021.

GHI has granted the underwriters a 30-day option to purchase up to an additional 1,996,560 shares of Enact common stock from GHI at the initial public offering price, less the underwriting discount.

In addition, certain investment funds managed by Bayview Asset Management, LLC have agreed to purchase 14.66 million 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.