The U.S.'s Genworth Financial Inc said on Thursday it has raised A$583 million ($546.36 million) by selling 34 percent of its Australian subsidiary in what will briefly be the country's biggest initial public offering (IPO) of the year.The Richmond, Virginia-based company will sell 200 million shares in Genworth Mortgage Insurance Australia for $2.65 each, and set aside another 20 million shares to meet any additional demand, the company said in a statement.The stake is within the 30 percent to 40 percent range and the price is within the A$2.20 to A$2.90 band the prospectus said the parent company expected to sell.The Australian IPO market is warming after a drought of some five years ended in 2013 with a six-fold on-year increase in the value of sales.
Genworth Financial, Inc. (Genworth) is a financial security company. Shares of GNW fell by 2.3% or $-0.42/share to $17.81. In the past year, the shares have traded as low as $10.10 and as high as $18.74. On average, 6886110 shares of GNW exchange hands on a given day and today's volume is recorded at 7696724.
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