Essent Group Begins About 19.7 Mln Shares IPO - Quick Facts

(RTTNews) - Essent Group Ltd. (ESNT) said it has begun an initial public offering of around 19.71 million shares pursuant to a registration statement on Form S-1 filed with the U.S. Securities and Exchange Commission or SEC. The firm is offering 17 million common shares and some selling shareholders are offering nearly 2.71 million shares.

The underwriters are expected to be granted a 30-day option to buy up to an aggregate of about 2.96 million additional shares. The estimated initial public offering price is between $13.50 and $15.50 a share. The net proceeds are planned to be used for general corporate purposes, which may include capital contributions to support the growth of the Company's insurance units.

The company has been approved to list its common shares on the New York Stock Exchange under the ticker symbol "ESNT."