NU Online News Service, Sept. 19, 2003, 6:07 p.m. EDT – National Financial Partners Corp., New York, has raised $209 million by selling 9.1 million shares of stock to the public through its first public offering.
The lead underwriter is Goldman, Sachs & Company Inc., New York.
National Financial’s share price closed Friday at $26.20, up 14% from the initial public offering price of $23.
National Financial wants to build a major financial services distribution network by acquiring existing distribution firms and encouraging the original owners to continue to run the firms.
The chief executive officer of the 5-year-old company, Jennifer Bibliowicz, is the daughter of Sanford Weill, the CEO of Citigroup Inc., New York.