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Pru IPO weighs in at $3B
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December 12, 2001: 6:08 p.m. ET
Insurer sells 110M shares at $27.50 each, Nassda comes in above expectations.
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NEW YORK (CNN/Money) - Prudential Financial Inc. raised $3 billion late Wednesday in its initial public offering while Nassda Corp. came in above its expected range.
Newark, N.J.-based Prudential sold 110 million shares at $27.50 each, the mid-point of its expected range, via Goldman Sachs and Prudential Securities. The insurer had planned to sell 110 million shares at $25 to $30 each; 93.5 million will be sold in the United States and 16.5 million will be sold internationally.
Prudential, known for its "Rock" logo, will end more than 125 years as a private company. Prudential is the largest individual U.S. life insurer with 15 million customers and had $564.2 billion in assets under management as of Sept. 30.
The insurer initially filed in April to raise as much as $3.9 billion but then scaled back its expectations. The Prudential IPO, now at $3 billion, ranks as the third largest offering this year, behind the $8.6 billion deal from Kraft Foods Inc. and the $4.1 billion new issue from Agere Systems Inc.
Prudential will trade Thursday under the symbol "PRU" on the New York Stock Exchange.
Nassda comes in above
Nassda Corp., which makes chip design software, also priced its planned offering, raising $55 million.
Santa Clara, Calif.-based Nassda sold 5 million shares at $11 each, above its $8 to $10 range, via Robertson Stephens.
The company plans to trade Thursday under the Nasdaq symbol "NSDA." 
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