An insurer is testing the state of the capital markets.
Principal Financial Group Inc., Des Moines, Iowa, has priced a public offering of about 51 million shares of common stock at a price of $19.75 each.
The underwriters, who hope to raise $1 billion from public investors, have a 30-day option to spend about $160 million on additional shares of common stock to cover over-allotments, Principal says.