Enact Announces Closing of Initial Public Offering
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 firstname.lastname@example.org, 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 email@example.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.
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.
SOURCE Enact Holdings, Inc.
Company Codes: NASDAQ-NMS:ACT
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