Finance History | 11 Wall Street — Eighteen Fifty for One Hundred Million Mutual Shares Called PFG
· 2001-10
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Finance History | 11 Wall Street — Eighteen Fifty for One Hundred Million Mutual Shares Called PFG
kevin
People treat Principal as a Des Moines retirement house that always printed PFG after a finished New York book.
The October 2001 issuer was Principal Financial Group, Inc., the stock holding company formed so a former mutual insurer could sell common to the public.
The company's Form 10-K for 2001 records that the common began trading on the New York Stock Exchange under PFG on 23 October 2001.
The same filing records the offering: 100 million shares sold to an underwriting syndicate on that date at 18.50 dollars a share in 2001 currency, with Goldman, Sachs and Co. as lead manager.
Underwriters later exercised an option for 15 million more shares, effective 9 November 2001. Gross proceeds including that option were 2,127.5 million dollars in 2001 currency.
MarketWatch recorded the first-session tape: the stock opened at 20.50 dollars, traded as high as 21.39, and closed at 21 dollars, on volume of 32 million shares, then the day's heaviest print on the Exchange.
The Los Angeles Times of 23 October 2001 recorded the price cut from a prior range that had topped out at 20.50 dollars, and called the deal the first billion-dollar initial offering since July of that year.
The mechanism is a demutualization IPO. Policyholders of a mutual life company received a public common book. New cash went to the holding company, not to a brand-new operating insurer.
The present tape is still PFG.
The pin is the public Broad Street facade of the 1903 New York Stock Exchange building, the street marker for that first PFG print.
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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