Mortgage insurance company Essent Group sets terms for $286 million IPO


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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: News Headlines , IPOs

Referenced Stocks: ESNT

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