Deals
Genworth Falls After Delaying Mortgage IPO on Volatility
- Decision follows last month’s collapse of China Oceanwide deal
- IPO was part of plan to pay debt as takeover progress stalled
Photographer: Elijah Nouvelage/Bloomberg
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Genworth Financial Inc. shares declined after the company postponed a planned initial public offering for its Enact Holdings Inc. unit, citing volatility in the mortgage-insurance market.
The IPO, which was expected to raise as much as $623 million, would have been this week’s largest U.S. initial offering. Genworth dropped as much as 5.2% in New York before rebounding to $3.86 at 1:08 p.m., a 0.3% increase.