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    Markets > IPOs
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    Travelers IPO may raise $4B
    Citigroup unit plans to sell 210M shares at $16 to $19 each via Salomon Smith Barney.
    March 4, 2002: 4:52 p.m. ET
    graphic NEW YORK (CNN/Money) - Travelers Property Casualty Corp., the insurance unit of Citigroup Inc., revealed Monday the terms of its initial public offering, which could raise as much as $4 billion.

    Travelers plans to sell 210 million shares at $16 to $19 each via Salomon Smith Barney, the company said in a filing with the Securities and Exchange Commission. The Citigroup (C: up $1.81 to $47.61, Research, Estimates) unit will trade under the New York Stock Exchange symbol Tap.A.

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    Underwriters on the deal have a green shoe to buy an additional 21 million shares of Class A stock.

    Hartford, Conn.-based Travelers, a leading property and casualty insurer in the United States and the third largest underwriter of commercial lines, initially filed the offering on Feb. 8.

    Travelers posted $1.1 billion in income on $12.2 billion in revenue for the year ended Dec. 31, compared with $1.3 billion in income on $11.1 billion in revenue for the preceding year.

    Citigroup, which is selling a 20 percent stake in Travelers, will own all of the unit's Class B shares. The diversified holding company also plans to distribute all of its ownership interest in Travelers to shareholders by the end of 2002, the company said in an SEC filing. graphic
    SPECIAL:

      RELATED STORIES

    Citigroup files Travelers IPO - Feb. 8, 2002

    Citigroup to spin off Travelers - Dec. 19, 2001




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