Britain’s largest pension and life insurer, Prudential Plc., breathed a collective sigh of relief Monday with the successful debut of Egg, its Internet bank subsidiary, on the London stock market.
Given the rather shaky conditions in the international markets, there had been some speculation that Prudential might delay the initial public offering, but as share prices firmed at the beginning of the month a favorable response was anticipated, and Egg in fact did very well.
The initial price was set at 160 pence ($2.43) per share, but the stock began trading at 180 pence ($2.73) and went as high as 190 pence, before closing at 177 ($2.69).
Prudential retains an 80 percent share in the online bank, and at the offering prices will gain some £86 million ($130 million), while Egg will raise £120 million ($182.4 million) from the offering.
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