Enact Holdings (ACT) Prices 13.3M Share IPO at $19/sh

Enact Holdings, Inc. (NASDAQ: ACT) today announced the pricing of its initial public offering of 13,310,400 shares of common stock at a price to the public of $19.00 per share.

The shares are expected to begin trading on the Nasdaq Global Select Market on September 16, 2021 under the ticker symbol "ACT." The offering is expected to close on September 20, 2021, subject to customary closing conditions. All of the shares are being offered by the selling stockholder, Genworth Holdings, Inc. (GHI), a wholly owned subsidiary of Genworth Financial, Inc., and Enact will not receive any proceeds from the sale of shares by GHI.

In addition, GHI has granted the underwriters a 30-day option to purchase up to an additional 1,996,560 shares of Enact common stock from GHI at the initial public offering price, less the underwriting discount.

In addition to the shares being sold in the initial public offering, certain investment funds managed by Bayview Asset Management, LLC have agreed to purchase 14,655,600 shares of Enact's common stock from GHI in a concurrent private sale at a price per share equal to the initial public offering price, less the underwriting discount per share. The concurrent private sale is contingent upon the initial public offering and subject to closing conditions, including the completion of the initial public offering.

Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as lead book-running managers for the offering. BofA Securities, Inc. and Credit Suisse Securities (USA) LLC are serving as joint book-running managers and Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Keefe, Bruyette & Woods, Inc., BTIG LLC and Dowling & Partners Securities LLC are serving as co-managers.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission on September 15, 2021. The offering is being made only by means of a prospectus. A copy of the final prospectus may be obtained, when available, from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by email at [email protected], or by telephone at (866) 471-2526; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by email at [email protected], or by telephone at 1-866-803-9204.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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