UPDATE 1-Genworth, Magma close IPOs in Canada capital push

* Genworth closes biggest IPO since 2007

* Canada IPO market emerging from drought

* PwC survey shows activity picking up (Updates share prices)

By Pav Jordan

TORONTO, July 7 (Reuters) - Canadian companies raised at least C$950 million ($819 million) in two initial public offerings that closed on Tuesday, potentially signaling an end to a long dry spell in IPO activity in the Canadian marketplace.

Genworth MI Canada Inc (MIC.TO), a private home mortgage insurer, closed an IPO worth at least C$850 million, the largest in Canada since Franco-Nevada Corp (FNV.TO) raised C$1.3 billion in a 2007 offering.

The company, a unit of Richmond, Virginia-based Genworth Financial Inc, said it sold 44.7 million shares at C$19 each in a transaction co-led by bookrunners CIBC World Markets Inc, Goldman Sachs Canada Inc and Scotia Capital Inc.

It could raise another C$127 million if an over-allotment option to buy up to 6.7 million additional common shares, is exercised in full by an Aug. 6 close.

Genworth MI shares were down 3.42 percent at C$18.35 in late trade on Tuesday on the Toronto Stock Exchange.

Canada's IPO market has started to emerge from a drought that lasted over a year as investors regain confidence amid early signs of recovery from the global financial crisis.

Magma Energy Corp (MXY.TO), a geothermal power company led by one of Canada's best-known mining entrepreneurs, Ross Beaty, closed a C$100 million IPO on Tuesday that was three times oversubscribed and which pooled funds from global investors.

The company said it issued 66,667,000 common shares at a price of C$1.50 each.

Magma Energy stock was down 2.0 percent at C$1.47 by late afternoon on the TSX.

A syndicate of underwriters, co-led by Raymond James Ltd and Cormark Securities Inc, and including Canaccord Capital Corp, National Bank Financial Inc, Dundee Securities Corp, Jacob & Co Securities Inc and Wellington West Capital Markets Inc, managed the offering.

There were 10 new issues on all Canadian exchanges in the first half of 2009 with a total value of C$517 million, PricewaterhouseCoopers said on Tuesday in a survey of IPOs on the country's equity exchanges.

By comparison, there were 38 new issues on all exchanges in the first half of 2008, with a total value of $614 million.