NU Online News Service, Oct. 23, 11:18 a.m. – Principal Financial Group Inc., Des Moines, Iowa, began executing its demutualization plan today by selling 100 million shares of stock to the public at a price of $18.50 each.
The stock is trading on the New York Stock Exchange under the symbol PFG.
The initial public offering period is scheduled to end Oct. 26. The IPO should raise about $1.8 billion and leave Principal with 700,000 shareholders, the company says.
The IPO will give Principal a “market capitalization value,” or total value for all outstanding stock, of about $6.7 billion.
The Goldman Sachs Group Inc., New York, is leading the underwriting team.