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SYDNEY, May 20 (Reuters) - Shares in home loan insurer Genworth Mortgage Insurance Australia Ltd rose 9.8 percent on Tuesday in an upbeat first day of trading for the country's biggest initial public offer of the year so far.

U.S. financial services giant Genworth Financial Inc raised A$583 million ($545 million) by selling 34 percent of its Australian business, joining a rush of companies to capitalise on the country's buoyant equity markets.

Genworth Australia shares opened at A$2.91 compared to an issue price of A$2.65, giving it a market capitalisation of around A$1.89 billion. ($1 = 1.0696 Australian Dollars) (Reporting by Byron Kaye; Editing by Edwina Gibbs)