Finance History|11 Wall Street — Twenty-Seven Dollars for Seventy-Eight Million Insurance Shares
· 1993-6
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Finance History|11 Wall Street — Twenty-Seven Dollars for Seventy-Eight Million Insurance Shares
kevin
People treat Allstate as a Northbrook campus that always sold insurance under its own listed roof.
The first public book was a Sears subsidiary sold in pieces.
On 2 June 1993 Allstate Corporation priced 78.5 million common shares at 27 dollars a share. The New York Times and the Los Angeles Times recorded the sale as more than 2.1 billion dollars in 1993 currency, 68.5 million shares in the United States and 10 million in a concurrent international book.
Goldman Sachs led the domestic underwriters. Sears, Roebuck and Co. was selling a minority stake and would still hold about 82 percent of Allstate after the deal, or about 80 percent if the 11 million share over-allotment was taken in full.
Allstate's own 2018 anniversary release dates the first public sale to 3 June 1993 and treats the offering as, at the time, the largest initial public offering in the United States. Contemporary Securities Data tallies put it ahead of Consolidated Rail's 1.645 billion dollar sale in 1987.
UPI recorded that the letters ALL would print on both the New York Stock Exchange and the Midwest Stock Exchange. Proceeds were earmarked to repay about 1.54 billion dollars of debt and to put 350 million dollars of capital into Allstate Insurance Company, the operating subsidiary.
Sears was leaving financial services and cutting group debt. The 1931 catalog insurer was being recapitalized after a year of catastrophe losses that included Hurricane Andrew.
The pin is the Broad Street facade of the exchange that took the order. The trading floor is not a visitor gallery.
The mechanism is a captive insurer priced as public float so the parent could shrink its financial-services balance sheet.
Photo: New York Stock Exchange, via the collection photograph already ingested for Big Board listings.
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