Soros, Goldman Sachs-backed mortgage insurer goes public

New York /
Sep.September 24, 2013 09:45 AM

Billionaire investor George Soros, Goldman Sachs and JPMorgan Chase are poised to make a killing from a housing bet that they made at the peak of the financial crisis. Essent Group, a Bermuda-based mortgage insurer backed by the trio that premiered in 2009, filed for an initial public offering, the first by a home-loan guarantor in almost twenty years. Early investors in a company can see their investment multiply several times over when shares are sold to the public.

As housing began to rebound in 2012 — driven by the Federal Reserve’s aggressive bond-buying policies which pushed mortgage rates to record lows — Essent enjoyed strong growth. It nearly tripled sales in the first six months of 2013 compared to the same period last year and upped its market share to 12 percent, according to Inside Mortgage Finance data seen by Bloomberg News.

Essent’s IPO filing proposes a $287.5 million offering, but that is a placeholder amount that may change, according to Bloomberg News. The IPO doesn’t list proposed share prices or the number of shares that Soros and others will look to sell.

Janice Walker, a spokesperson for Essent, told Bloomberg News that executives declined to comment ahead of the IPO. [Bloomberg News]  – Hiten Samtani


Related Articles

arrow_forward_ios
Soho House founders Nick Jones and Ron Burkle (Getty)
Soho House files confidentially to go public
Soho House files confidentially to go public
David Wolkoff of G&M Realty. (Getty, 5Pointz LIC)
Wolkoff family firm snags $350M loan for 5Pointz
Wolkoff family firm snags $350M loan for 5Pointz
TRD Tips: Bradley Tusk gives a crash course on SPACs
TRD Tips: Bradley Tusk gives a crash course on SPACs
TRD Tips: Bradley Tusk gives a crash course on SPACs
The “flexible hybrid model” is set to debut in July in North America (iStock)
Et tu, Ford? Automaker lets 30K workers stay home post-pandemic
Et tu, Ford? Automaker lets 30K workers stay home post-pandemic
From left: Fifth Wall’s Brendan Wallace, Tishman Speyer’s Rob Speyer, Social Capital’s Chamath Palihapitiya, Cantor Fitzgerald’s Howard Lutnick, Pershing Square Capital’s Bill Ackman and Opendoor’s Eric Wu
Making sense of the SPACe race
Making sense of the SPACe race
Matterport CEO RJ Pittman (Getty)
Real estate VR tech firm Matterport to go public via SPAC
Real estate VR tech firm Matterport to go public via SPAC
WeWork CEO Sandeep Mathrani (WeWork; iStock)
WeWork in talks to go public via SPAC
WeWork in talks to go public via SPAC
Tishman Speyer CEO Rob Speyer (Getty)
Tishman Speyer seeks $250M for second blank-check firm
Tishman Speyer seeks $250M for second blank-check firm
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...