Mortgage insurer Genworth MI Canada Inc. has completed its $850-million initial public offering, of which it receives $97 million to retire all outstanding debt and enhance its financial position.
Genworth Financial remains majority owner of company, with at least 56 per cent ownership.
Genworth MI shares opened at $18.40 on the Toronto Stock Exchange and rose to $18.54 within the first half hour of trading Tuesday, still below the offer price of $19 per share.
Genworth MI Canada Inc., through Genworth Financial Mortgage Insurance Company Canada, has been has been the leading private-sector company providing residential mortgage insurance.
Canada Mortgage and Housing Corp., a federal Crown corporation, remains the country's largest provider of mortgage insurance.