Investors will pay $2.65 per share in Genworth Lenders’ Mortgage Insurance, which is due to list on the Australian Securities Exchange (ASX) tomorrow.

The initial public offering of 34% of the company will raise $US535 million ($570.9 million) for US parent Genworth Financial, excluding float fees.

ASX rules allow Genworth to buy back an agreed number of shares for a month after the float, to stabilise the market. In that case the float would raise about $US485 million ($517.54 million).

A bookbuild used to set the price for institutional investors determined the final price as being within the $2.20-$2.90 range.