|
Principal raises $1.85B
|
 |
October 22, 2001: 6:52 p.m. ET
Principal Financial Group prices IPO at the middle of its expected range.
|
NEW YORK (CNNmoney) - Principal Insurance Group Inc. raised $1.85 billion with its initial public offering Monday night, pricing at the middle of its range.
Principal, a leading provider of retirement and savings products, priced 100 million shares at $18.50 through lead underwriters Goldman Sachs.
The company, formerly known as Principal Mutual Holding Co., is converting from a mutual insurance company into a stock company. 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. Also, the company is in the black, with $4.3 billion in revenue on $224 million in income for the six months ended June 30.
Because of the size of the offering, the IPO is expected to trade with little change in price.
Principal will trade Tuesday on the New York Stock Exchange as "PFG." 
|
|
|
|
|
 |
|
