NU Online News Service, Dec. 13, 12:25 p.m. – Prudential Insurance Company of America, Newark, N.J., is getting good results today from the initial public offering for its new, publicly traded alter ego, Prudential Financial Inc.
Prudential, a policyholder-owned mutual, is in the processing of converting to a stock charter; raising about $3 billion by selling 110 million shares of stock to the public; and using the sale proceeds and additional shares to compensate the policyholders for their loss of policy-based ownership rights.
The underwriters set the starting price of the IPO shares at $27.50, in the middle of a previously announced range of $25 to $30.
Although prices for many stocks were down at midday, the price of Prudential Financial shares was up more than $2 from the opening price.
The shares are trading on the New York Stock Exchange, under the symbol PRU.
The Goldman Sachs Group Inc., led the underwriting team.
Earlier this fall, Goldman managed a $2 billion IPO for Anthem Inc., Indianapolis, a health insurer, and a $2.1 billion IPO for Principal Financial Group Inc., Des Moines, a life insurance and pension company.