Shares in Genworth Mortgage Insurance were trading at $3.01 this morning after listing on the Australian Securities Exchange last week well above their $2.65 issue price.

The top 20 investors hold 92% of the company, with parent Genworth Financial retaining 66.15% and 19 shareholdings held by nominee companies.

The float and partial sale of Genworth raised $583 million for Genworth Financial, which will use all the funds to pay down debt and says it has no plans to sell any more shares.

The parent company says the float will improve Genworth Mortgage Insurance’s financial flexibility and access to capital markets.