In its much ballyhooed initial public offering, Metropolitan Life Insurance Co., the number two U.S. insurer, raised $2.88 billion—less than half of its initial $6.1 billion target. The shortfall stemmed primarily from reduced demands for insurance stock. The company sold 202 million shares at $14.25 per share. While the sale exceeded the 179 million share target announced in March, it fell far short of the original target of 255 shares at $24 each set last year.
The company reduced its IPO goals several weeks ago after early marketing efforts showed little investor interest. The company, which will change its name to MetLife Inc., is the second of three large insurers going public this year. John Hancock was listed on the New York Stock Exchange in January and Prudential Insurance Co. of America, the number one U.S. life insurer, is in the planning stages of an IPO for later this year or early 2001.
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