Genworth floats with 13% premium
Shares of Genworth Mortgage Insurance Australia closed at a 13% premium after Australia’s biggest lenders mortgage insurer (LMI) made its public debut on the Australian Securities Exchange on Tuesday.
Genworth shares were priced at $2.65 but quicky rose to be at $2.96 in the first half-hour of trade yesterday.
Genworth’s $496 million float was the second-largest listing by value since 1 January, trailing last month’s $657 million Genesis Energy initial public offering.
Its prospectus reported Genworth Australia had been profitable for 46 of the past 48 years.
The company is chaired by Richard Grellman.