NU Online News Service, Aug. 3, 1:58 p.m. – Principal Financial Group Inc., Des Moines, Iowa, has updated the registration statement for its proposed public stock offering.

Principal Mutual Holding Company, the policyholder-owned parent company of Principal Financial and Principal Life Insurance Company, has applied for permission from state regulators to demutualize later this year.

The conversion plan calls for Principal Mutual convert to a stock charter, give 261 million shares to policyholders to compensate them for their loss of policy-based ownership rights, and sell 109 million shares to investors through an initial public offering at a price of about $19 each.

Principal filed its first registration statement for the public offering with the U.S. Securities and Exchange Commission in June.

The new statement, filed Thursday, reduces the estimated value of the cash payments and policy credits going to policyholders to $1.3 billion, from $1.5 billion

The new version also shows that the lead underwriter, The Goldman Sachs Group Inc., New York, has lined up 11 other underwriters.

Credit Suisse First Boston, Merrill Lynch & Company, and Salomon Smith Barney will help Goldman lead the offering.

The updated list of underwriters also includes A.G. Edwards & Sons Inc.; Banc of America Securities L.L.C., Bear, Stearns & Company Inc.; Fox-Pitt Kelton; J.P. Morgan; Lehman Brothers; Ramirez & Company Inc.; and UBS Warburg.