General Electric has sold 30 percent of life and mortgage insurer Genworth Financial for $3.53 billion in the biggest IPO since the July 2002 IPO of CIT Group, which raised $4.89 billion.
However GE did not receive its expected price the night before the IPO, pricing the Genworth shares at $19.50, 7.1 percent below the anticipated range of $21 to $23. Prices may have been affected by the fact that Genworth has a lower return on equity than many of its rivals such as MetLife, according to Elizabeth Malone, an insurance analyst at Advest Inc.
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