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Principal revises IPO price
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August 30, 2001: 4:40 p.m. ET
Provider of retirement products to sell 100M shares at $18.50 to $20.50
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NEW YORK (CNNfn) - Principal Financial Group Inc. revised the terms and cut the size of its planned initial public offering, now expected to raise about $1.9 billion, down from about $2.1 billion.
Principal Financial filed with the Securities and Exchange Commission Wednesday to sell 100 million shares, down from the earlier 109.45 million shares, at $18.50 to $20.50 each via lead underwriter Goldman Sachs. The company had previously not set a share price but had listed an assumed target of $19 a share.
Des Moines, Iowa-based Principal Financial is a leading provider of retirement and savings products with a focus on 401(k) plans in the United States. The company also offers investment and insurance products, online banking and mortgage loans.
Principal Financial has $116.9 billion in assets under management and about 13 million customers worldwide.
The company, formerly known as Principal Mutual Holding Co., is converting from a mutual insurance company into a stock company. In July, 92 percent of policyholders approved the conversion and the Insurance Commissioner of the State of Iowa also approved the demutualization earlier this week.
Principal plans to trade under the New York Stock Exchange symbol "PFG." 
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