Trading in shares of financial services group Prudential Plc, the U.K.’s largest life insurer and pension provider, and majority owner of Egg, an on-line bank, has listed its shares on the New York Stock Exchange with an initial offering of 15 million shares at $27.82 per share. It expects to raise approximately $209 million.
The lead underwriter, Morgan Stanley Dean Witter, planned to trade all the shares on the NYSE under the symbol “PUK.” While designating the proceeds to be used for “general corporate purposes,” Prudential acknowledged that it was seeking acquisitions in the U.S. life insurance and financial services market.
Prudential is present in the U.S. with Jackson National Life, ranked 20th, but will take its time for further expansion. “At the moment there’s a lot of buyers around and virtually no sellers and prices particularly for these mutual fund deals are very high,” Reuters quoted Prudential CEO Jonathan Bloomer as saying at a news conference.
Topics USA
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