Enact Holdings, a private mortgage insurance company being spun out of Genworth Financial, postponed its IPO on Thursday, citing recent trading volatility in the mortgage insurance sector. It had filed to raise $497 million by offering 22.6 million shares (100% secondary) at a price range of $20 to $24.
The Raleigh, NC-based company was founded in 1981 and booked $1.1 billion in sales for the 12 months ended December 31, 2020. It had planned to list on the Nasdaq under the symbol ACT. J.P. Morgan, Goldman Sachs, BofA Securities and Credit Suisse were set to be the joint bookrunners on the deal.
