The largest U.S. initial public offering scheduled this year was pulled from the market Wednesday, reports the Wall Street Journal. Liberty Mutual Agency Corp., which was scheduled to raise as much as $1.3 billion in its IPO and trade on the Nasdaq on Thursday, instead postponed the deal, with the insurer citing an unfavorable environment for "receiving appropriate value for the business."
Bloomberg reports that demand was less than the company had projected for a unit that sells policies through agents. Liberty was hoping to raise the $1.3 billion by selling 64.3 million Class A shares at $18 to $20 each, according to filings with the U.S. Securities and Exchange Commission. Citigroup Inc. and Bank of America Corp. were leading the offering, reports Bloomberg.
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