Shares in Genworth Mortgage Insurance Australia Limited
(ASX:GMA) rose on their first day of trade on the Australian Securities Exchange.
The mortgage lender insurance firm protects lenders against loss should borrowers default on their home loans and counts the major banks as some of its customers.
Genworth Mortgage Insurance Australia is a subsidiary of US-listed Genworth Financial Inc (NYSE:GNW) who sold down a 34 per cent interest as part of the $530 million float.
Speaking at the listing ceremony Genworth’s Chairman Richard Grellman highlighted the company’s market dominance and commitment to maintaining its position.
ASX Limited’s
(ASX:ASX) CEO Elmer Funke Kupper welcomed the listing as the largest this year and the largest financial sector listing since 2007.
ASX General Manager Listings, Issuer Services & Investment Products, Max Cunningham highlighted the significance of Genworth’s listing for ASX.
Shares in Genworth Mortgage Insurance Australia floated with an issue price of $2.65, opened at $2.91 and closed at $3.00 on their first day of trade.
