IPO is priced above expectations
According to Seeking Alpha, mortgage insurer Essent Group (ESNT) backed by George Soros, Goldman Sachs (GS) and JPMorgan Chase (JPM) priced its initial public offering above expectations at $17.
At a price of $17, the company would be valued at about $1.4B and the 19.7M shares sold (24% of company) will raise nearly $335M.
Essent will trade under the symbol ESNT.
An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]
