Liberty Mutual delays $1.3bn public offering
LIBERTY Mutual, a US insurance company, postponed the largest US initial public offering of 2010 yesterday as demand was less than the company had expected.
Liberty Mutual was seeking to raise almost $1.3bn (€953m) by selling shares at $18 to $20 each, according to filings with the US Securities and Exchange Commission.
Citigroup and Bank of America were leading the offering.
At least 45 companies have postponed or withdrawn US initial sales this year as the country struggles to recover from the longest recession since the Great Depression.
"The stalled economic recovery, volatile stock market and undervalued property and casualty insurance stock prices create an unfavourable environment for receiving appropriate value for the business," Boston-based Liberty Mutual said after the IPO was postponed.