Mortgage Insurance Company Essent Group Prices IPO At $17, Above Estimated Range

(RTTNews) - Essent Group Ltd. announced that it has priced initial public offering of 19.71 million common shares at $17.00 per share, above the expected range. Closing of the offering is expected to occur on November 5, 2013.

In an amended regulatory filing with the U.S. Securities and Exchange Commission, the company had expected to price the initial public offering of 19.71 million common shares between $13.50 and $15.50 per share.

Bermuda-based company shares are expected to begin trading tomorrow, October 31, 2013, on the New York Stock Exchange under the ticker symbol "ESNT."

Of the 19.71 million common shares being offered, 17 million common shares are being offered by Essent Group and 2.71 million shares are being offered by certain selling shareholders.

The mortgage insurance company expects to receive proceeds, net of underwriting discounts and commissions, of about $270.8 million from the offering.

The underwriters may purchase up to 2.96 million additional shares from Essent Group at the initial offering price, less underwriting discounts and commissions.

Essent Group intends to use offering proceeds for general corporate purposes. The company said it will not receive any proceeds from the sale of shares by the selling shareholders.

Goldman Sachs, J.P. Morgan, Barclays and Credit Suisse are the joint bookrunners on the deal.