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Genworth Canada to IPO July 7

Genworth-Financial Genworth Financial Canada announced the details of its initial public offering today.

Canada’s 2nd largest mortgage default insurer will sell 44.7 million shares at $19 each.  The target issue date is July 7, 2009. Thereafter, Genworth Canada will trade on the TSX under the symbol MIC.

The IPO will line Genworth’s coffers with about $635-$730 million.