Finance History | 11 Wall Street — Twenty-Seven Fifty for One Hundred Ten Million Mutual Shares Called PRU
· 2001-12
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Finance History | 11 Wall Street — Twenty-Seven Fifty for One Hundred Ten Million Mutual Shares Called PRU
kevin
People treat Prudential as a Newark life house that always printed PRU after a finished New York book.
The December 2001 issuer was Prudential Financial, Inc., the stock holding company formed so The Prudential Insurance Company of America could leave mutual ownership.
The New York Times of 13 December 2001 recorded the public sale: 110 million shares priced at 27 dollars and 50 cents a share in 2001 currency, for about 3.03 billion dollars, by Goldman, Sachs and Co. and Prudential Securities.
UPI the same day recorded the first print on the New York Stock Exchange. The shares closed at 29 dollars and 35 cents on volume of 49.1 million.
The Times also recorded that another 456 million shares would go to policyholders as the last step of the demutualization. The public slice was about 19 percent of the company.
The present tape is PRU on the New York Stock Exchange.
The mechanism is a mutual-insurer IPO. Policyholders received most of the common. The company sold a minority slice for cash and a listed parent.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for the tape that now prints PRU.
Interior trading is not visitable from the sidewalk.
Photo: Arild Vagen, August 2017, CC BY-SA 4.0, via Wikimedia Commons. New York Stock Exchange from Broad Street.
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