Genworth floats with 13% premium

Genworth floats with 13% premium
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.

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

Tags: 
Mortgages

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