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December 16, 2001 at 07:00 PM
Prudential Raises $3 Billion In Initial Public Offering
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The largest life insurance company in the United States went public Thursday with an initial public offering of stock that raised more than $3 billion.
Prudential Insurance Company of America, Inc., Newark, N.J. planned to sell 110 million shares at an estimated price of $27.50, according to company statements filed with the SEC. That would net the company a total of almost $3.03 billion.
That would make it the third biggest IPO this year, after Kraft Foods Inc., which raised $8.7 billion, and Lucent spinoff Agere Systems Inc., which raised $3.6 billion.
