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Prudential IPO cleared
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October 16, 2001: 12:46 p.m. ET
Insurer's $3.9B issue gets regulatory approval and may hit the market in December.
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NEW YORK (CNNmoney) - Prudential Financial, as expected, received approval from state regulators to float its $3.9 billion IPO, now expected at the end of the fourth quarter.
The New Jersey commissioner of banking and insurance ruled Monday that Prudential could go public. However, the nation's second-largest life insurer has questioned whether it actually will proceed with the IPO.
If it does, the issue most likely will come in December, an industry source said.
The broad market correction of 2000 put the damper on the new issues market, and IPOs have crawled this year. The terrorist attack last month also has caused U.S. equity indexes to struggle.
Last month, Newark, N.J.-based Prudential Financial said it would review market conditions this month and decide whether to go public. The offering had been expected in the fourth quarter.
"We are preparing for our IPO and we expect it to be completed by the end of the year depending on market conditions," Pru spokeswoman Mary Flower said.
In April, Prudential Financial filed to raise as much as $3.9 billion by selling 89 million shares via lead underwriters Goldman Sachs and Prudential Securities Inc. The insurer has yet to set a price range. 
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