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.
Was this article valuable?
Here are more articles you may enjoy.
Learjet May Have Broken Up Before Fatal Florida Crash, NTSB Says 
Some 40% of Planned Data Center Capacity Is in States Wanting to Hit Pause 
Insurtech Lemonade Posts $43.7M Loss for Q3 
SpaceX Plans $24 Billion Data Center and Gas Plant in Texas 
