The 214 million shares were being offered to funds at $2.28 each, which represented an 11.6 per cent discount to Genworth’s $2.58 close on Friday, according to terms sent to fund managers.
The stake represented 52 per cent of Genworth Australia’s fully paid ordinary shares outstanding.
Goldman Sachs was selling the shares on behalf of Genworth Financial International Holdings and Genworth Holdings, as partners of the Genworth Australian General Partnership, funds were told.
Bids into the underwritten deal were due by 5pm on Sunday for Australian and New Zealand investors, and 9pm for all others.
Genworth’s share are trading down about 20 per cent over the past 12 months, and up 4 per cent year-to-date.
The block trade rounds out a busy seven days for Goldman’s equity capital markets team. The bank was in Bank of Queensland’s corner – alongside UBS – for its $1.35 billion raising to buy ME Bank on Monday, and followed that up with Afterpay’s $1.5 billion convertible note and $370 million share auction on Thursday, along with JPMorgan and Citi.