Essent Group (ESNT) commenced an initial public offering of 19.7 million common shares Monday morning.

The company is now offering 17 million common shares and selling shareholders are offering 2.7 million common shares.

In addition, the estimated initial public offering price is between $13.50 and $15.50 per common share. The mortgage insurer intends to use proceeds from the sale to cover general corporate purposes and to grow the company's insurance subsidiaries.