First billion-dollar IPO of the year -- WorldTradeStocks.com

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Subject:

First billion-dollar IPO of the year

Author:
electronicTrader

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Date Posted: 09:51:36 02/05/04 Thu

First billion-dollar IPO of the year

Assurant, a unit of Dutch-Belgian financial services group Fortis, sees its stock gain at debut.
February 5, 2004: 12:06 PM EST

NEW YORK (Reuters) - The first billion-dollar initial public offering of the year was done on Wednesday when Dutch-Belgian financial services group Fortis priced 80 million shares of its U.S. insurance arm at $22 per share.

Fortis had planned to sell the shares at an estimated price range of $20 to $22 per share in a spin-off under the name Assurant Inc. (AIZ: Research, Estimates), leaving Fortis with a 45 percent stake in Assurant after the IPO.

Under the terms, the IPO could raise as much as $1.76 billion in proceeds based on the high end of the price range. If the underwriters, led by Morgan Stanley, exercise the option to buy another 12 million shares to cover over-allotments, the IPO could raise more than $2 billion.

Credit Suisse First Boston and Merrill Lynch will assist. Since filing a preliminary IPO document with U.S. regulators last October, Fortis has added nine more underwriters to manage the offering, including Citigroup, Goldman, Sachs and JP Morgan.

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