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December 13, 2001 at 07:00 PM
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.
