NMI Holdings Inc raises USD 27.3 million in share sale
Private equity-backed NMI Holdings Inc was able gather USD 27.3 million in a public share sale. The company was able to raise the amount after selling shares at USD 13 each, according to data gathered by Bloomberg. This was at the top of their previously announced price range of USD 11 to USD 13. A total of 2.1 million shares were sold by NMI and its investors.
NMI's offering was managed by FBR & Co. The mortgage insurer would now be trading in the Nasdaq Stock Market after being listed on the FBR Plus System.
Filings revealed that Hayman Capital Management held a 10% stake of the company before the share sale. The largest investor was Claren Road Asset Management, a hedge fund whose majority stakeholder is Carlyle Group. Claren Road Asset held a 13% stake in NMI Holdings. The mortgage insurer was established two years ago. It raised USD 510 million from investors last year.