Today is Genworth MI Canada’s first day of trading on the TSX. The firm’s shares were priced at $19 and are currently trading at $18.45. (TSX Quote)
The company is Canada’s second-biggest mortgage default insurer and a spin-off of US-based Genworth Financial.
Genworth Financial Chairman and CEO, Michael D. Fraizer, had this to say : “We’ll receive a meaningful level of capital through the transaction and continue to benefit from the earnings associated with our majority ownership position in Genworth MI Canada.”
Genworth MI Canada will receive about $97 million of the roughly $753 million IPO proceeds. The company will use the money to pay off its outstanding debt and enhance its capital position.
Genworth’s IPO underwriters have an option to buy 6.7 million more shares by August 6. If that happens, 44% of the company will be in public hands.
Last modified: April 26, 2017
It will be interesting to see where this stock goes. Out of curiosity I looked at Genworth, the parent, and their stock is up 120% this year. Who knew.
http://finance.yahoo.com/q?s=gnw
This is more interesting and surprisingly you neglected to mention it. Genworth (US) has declined from a high of $35 to its present value of $6 a mere 84% price collapse.
http://finance.yahoo.com/echarts?s=GNW#symbol=GNW;range=2y
Buy low and sell high, man.
The whole market was down. Take Ford.
Look at Ford in March, and look at it now.
Read your brokerage statements for this amazing wisdom: “Past performance is not indicative of future results.” The stock market looks to the future, not yesterday.
If it makes people feel better, they can wait for MIC to drop before getting in. But remember, this economic crap is going to blow over. When that happens, people will once again remember what a cash cow default insurers really are……….
TheTruth