(Reuters) – Genworth Financial Inc on Monday revived plans for an initial public offering (IPO) of Enact Holdings, aiming for a valuation of more than $3 billion for its mortgage insurance unit, according to a regulatory filing.

The company had deferred the IPO here in May due to market volatility, with Chief Executive Officer Tom McInerney saying the market pricing did not accurately reflect the company’s value.

Enact’s existing shareholders plan to raise as much as $266.21 million by selling about 13.31 million shares in the IPO, priced between $19 and $20 per share. Proceeds from the sale will not go to the company.

At the upper end of the price range, the company is eyeing a valuation of nearly $3.3 billion.

Founded in 1981, Raleigh, North Carolina-based Enact provides credit protection to mortgage lenders and investors and operates in all 50 U.S. states and the District of Columbia.

Enact generated a profit of $370 million last year, compared to $678 million a year earlier, the filing here showed, due to higher loss reserves related to the COVID-19 pandemic.

Net insurance policies written in the same period grew to $99.9 billion from $62.4 billion a year earlier.

Bayview Asset Management, which is focused on investments in mortgage and consumer credit, has agreed to purchase shares of Enact’s common stock in a private placement concurrent with the IPO.

Goldman Sachs and J.P. Morgan are the lead book-running managers for the offering, after which Enact will be listed on the Nasdaq under the symbol “ACT.”

Reporting by Sohini Podder in Bengaluru; Editing by Vinay Dwivedi

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