Allstate expects $2 billion in IPOThe Allstate Corp., the...

BUSINESS DIGEST

June 03, 1993

Allstate expects $2 billion in IPO

The Allstate Corp., the insurance subsidiary of Sears, Roebuck and Co., expects to reap more than $2 billion in what analysts said yesterday was the largest initial public offering of a U.S. company.

Shares representing 20 percent of the nation's second-largest property-casualty insurer were priced at $27 a share by an underwriting group led by Goldman Sachs & Co. That was at the upper end of an estimated price range of $24 to $27 a share.

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