Essent Group surges in debut on the NYSE

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Associated Press

Posted on October 31, 2013 at 8:00 AM

Updated Thursday, Oct 31 at 8:02 AM

NEW YORK (AP) — Essent Group's stock soared in its first day as a publicly traded company Thursday.

Shares of the private mortgage insurance company gained $3.98, or 23.5 percent, to $20.99 in morning trading.

Essent Group Ltd. priced an initial public offering of approximately 19.7 million shares at $17 apiece. That's above the expected range of $13.50 to $15.50 per share.

It raised about $334.9 million in the IPO.

Essent is offering 17 million shares, while certain selling stockholders are offering 2.7 million shares.

The company, based in Hamilton, Bermuda, plans to use its proceeds for general corporate purposes. It won't receive any proceeds from shares sold by selling stockholders.

The stock is trading on the New York Stock Exchange under the "ESNT" ticket symbol.

The offering is expected to close on Tuesday.

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