Enact Holdings’ $291 Million IPO

Cleary Gottlieb represented the underwriters, led by Goldman Sachs and J.P. Morgan, in Enact Holdings’ (Enact) $291 million IPO.

In the IPO, Genworth Holdings, a wholly owned subsidiary of Genworth Financial, sold approximately 15.3 million shares of Enact common stock at a price to public of $19 per share, resulting in total gross proceeds of approximately $291 million (after giving effect to exercise in full of the underwriters’ overallotment option). All of the shares were offered by Genworth as selling stockholder, and Enact did not receive any proceeds from the sale of shares by Genworth.

The offering priced on September 15, 2021, and closed on September 20, 2021. Enact’s shares began trading on the Nasdaq Global Select Market on September 16, 2021, under the ticker symbol “ACT.”

Enact is a leading U.S. private mortgage insurance provider headquartered in Raleigh, North Carolina, committed to helping more people achieve the dream of homeownership.

For more information, see the press release here.