Prudential Insurance Co. of America filed on Wednesday to become a public company, with plans to launch an initial public offering in the fourth quarter of this year.
The plan, filed with the New Jersey Department of Banking and Insurance, would change Prudential’s status from a mutual company, owned by its policyholders, to a public company owned by shareholders.
The plan involves distributing shares or cash to about 11 million policyholders. Both the New Jersey Department of Banking and Insurance and policyholders must approve the plan before it goes ahead.
The plan would allow the company to raise capital in the stock market for acquisitions and other purposes.