NU Online News Service, Sept. 28, 2:50 p.m. – The Principal Financial Group Inc., Des Moines, Iowa, has reduced the expected price range for the 100 million shares of common stock it hopes to sell through an initial public offering sometime in the next 30 days.
The company has filed a revised prospectus with the U.S. Securities and Exchange Commission cutting the range to $17 to $20 per share, from a range of $18.50 to $20.50 given in an Aug. 29 SEC filing.
Principal, which has been operating as a policyholder-owned mutual insurer, is converting to a stock charter. It will use some of its stock and proceeds from the IPO to pay its current policyholder-owners for their current policy-based ownership rights.
Principal says it expects its stock to trade on the New York Stock Exchange under the symbol PFG.