Citigroup Travelers IPO Plans By Michelle Logsdon - March 5, 2002
Details are emerging about the IPO filing of Citigroup Inc. Travelers Property Casualty Corp. The unit filed its intention to go public with the Securities and Exchange Commission in early February. Travelers will sell 210 million Class A common shares for $16 to $19 each. That would be the largest initial public offering ever by an insurance company.
The Citigroup Inc. insurance unit amended its prospectus March 5 to show a total of 1 billion shares outstanding once it goes public. That would include 500 million shares each of Class A and Class B stock.
Travelers—based in Hartford, Connecticut—could receive an initial market capitalization of up to $19 billion from the outstanding shares.
The IPO could raise approximately $4 billion to be used to prepay debt to Citigroup. According to a Reuters report, Citigroup will own the 500 million Class B common shares and 290 million of the Class A common shares, “not including the underwriters’ option for 21 million shares to cover over-allotments.”
Citigroup would then own a 79 percent equity interest in Travelers according to the SEC filing.
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