It hopes to raise around $497 million with its IPO. The offering: The company will offer 22.6 million secondary shares at a price range of between $20 and $24 per share. In the first quarter of 2021, the company wrote $24.9 billion in new insurance compared to $17.9 billion written in the first quarter of 2020. The loss in net income was attributed to losses due to COVID-19, according to the prospectus. In 2020, the company generated new insurance written of $99.9 billion - up from the $62.4 billion the company generated the year before.īut the company’s net income fell from $678 million in 2019 just $370 million in 2020. They focus their insurance to low-down payment loans. In its S-1 filing with the Securities and Exchange Commission, Enact said it provides credit protection to mortgage lenders and investors. The company said it is active in all 50 states and the District of Columbia. What it is: This has been a private mortgage insurance company that is being spun out of Genworth Financial. It intends to trade on the Nasdaq using the ticker symbol ACT. Let’s look at Enact Holdings Inc., which plans to price its IPO on Thursday. There are a few initial public offerings on the calendar this week. Here’s more of what to look for in the week ahead on Wall Street: On the IPO Front Money & Markets Week Ahead for May 9, 2021: Is the housing market boom enough to invest in Enact Holdings’ IPO this week? More companies are reporting earnings this week, and I will focus on two newcomers to the market: Roblox Corp.
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