Soros, Goldman Sachs-backed mortgage insurer goes public

TRD 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
Deutsche Bank CEO Christian Sewing and Deutsche Bank's Manhattan headquarters at 60 Wall Street (Getty)

Deutsche Bank: Employees can stay home until mid-2021

Deutsche Bank: Employees can stay home until mid-2021
Jamie Dimon and 383 Madison Avenue (Getty, Google Maps)

JPMorgan suffers setback in return to office

JPMorgan suffers setback in return to office
Eric Wu (left) and Chamath Palihapitiya (Getty, iStock)

Opendoor confirms $4.8 billion IPO

Opendoor confirms $4.8 billion IPO
Opendoor CEO Eric Wu (Wu via Resolute Ventures; iStock)

iBuyer Opendoor eyes $5B IPO via blank-check firm

iBuyer Opendoor eyes $5B IPO via blank-check firm
Dan GIlbert (Getty, iStock)

Mortgage mogul Dan Gilbert sees net worth quicken to $34B

Mortgage mogul Dan Gilbert sees net worth quicken to $34B
Dan Gilbert (Getty, iStock)

Parent of Quicken Loans, Rocket Mortgage seeks $3.3B in IPO

Parent of Quicken Loans, Rocket Mortgage seeks $3.3B in IPO
30 Hudson Street in Jersey City and WeWork CEO Sandeep Mathrani (Wikipedia)

WeWork scores big lease at Goldman Sachs’ Jersey City office tower

WeWork scores big lease at Goldman Sachs’ Jersey City office tower
Lemonade CEO Daniel Schreiber (iStock)

Investors reward Lemonade with $3.8B valuation

Investors reward Lemonade with $3.8B valuation
arrow_forward_ios

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

Loading...