Liberty Mutual delays unit's $1.2B IPO

Insurer Liberty Mutual delayed the initial public offering of a subsidiary that could have been the largest U.S. IPO of the year because demand for its shares was too weak.

The high-profile postponement is a reminder that it's still a buyer's market for IPOs. Liberty Mutual was asking too high a price, analysts said. The strong performance of other recent debuts suggests that investors are still willing to buy shares of many companies that have been waiting to go public.

Companies that had delayed IPOs earlier this year and last year, such as Rhino Resource Partners L.P. and Daqo New Energy Corp., are lining back up again. This time, they're setting a lower price for their shares or offering less stock.

Read Full Article from The Associated Press

- Posted: 2010-09-29 22:55:59

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