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Prudential IPO cleared
graphic 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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  • Prudential's $3.9B IPO in question - Sept. 25, 2001
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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. graphic

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    Prudential's $3.9B IPO in question - Sept. 25, 2001





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    Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

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