Essent Group, a privately-funded mortgage insurance company, announced terms for its IPO on Monday. The Hamilton, Bermuda-based company plans to raise $286 million by offering 19.7 million shares (14% insider) at a price range of $13.50 to $15.50. At the midpoint of the proposed range, Essent Group would command a market value of $1.2 billion.
Essent Group, which was founded in 2008 and booked $85 million in sales for the 12 months ended June 30, 2013, plans to list on the NYSE under the symbol ESNT. Essent Group initially filed confidentially on July 30, 2013. Goldman Sachs, J.P. Morgan, Barclays and Credit Suisse are the joint bookrunners on the deal.
