The Principal Financial Group has filed a revised preliminary prospectus with the Securities and Exchange Commission in connection with the initial public offering of Principal Financial Group common stock.
The price range of the IPO has been adjusted from the August 29 filing of $18.50 to $20.50 per share to $17.00 to $20.00 per share. A company spokesperson declined to comment on the reasons for the change.
The company also said on Friday that it expects to take an estimated $9 million to $12 million in after-tax losses from life insurance claims stemming from the Sept. 11 attacks on the United States.
Principal began the process of converting from a mutual insurance holding company to a stock company when they filed a plan for demutualization this past May ( MFMN 6/4/01). The IPO is expected to occur in the next 30 days.
The common stock of Principal Financial Group, Inc. has been approved for listing on the New York Stock Exchange under the symbol "PFG." The offering is expected to consist of 100 million shares of common stock.