NMI Holdings Inc., the parent company of Emeryville, Calif.-based National Mortgage Insurance Corp. (National MI), has announced the pricing of its initial public offering (IPO) of 2,103,395 shares of its common stock, at a public offering price of $13.00 per share.
According to NMI, the selling stockholders are offering a total of 3,395 shares of common stock, and the underwriters of the offering have a 30-day option to purchase up to an additional 315,000 shares of common stock from the company at the IPO price – less underwriting discounts and commissions – to cover over-allotments, if any.
FBR Capital Markets & Co. is acting as book runner for the offering; Compass Point Research & Trading LLC is acting as co-manager.
The company says the closing of the IPO is expected to occur on Nov. 14, subject to customary closing conditions.
Fannie Mae recently finalized an agreement with National MI on a risk-sharing transaction to provide credit risk coverage on a pool of over $5 billion worth of single-family mortgages.