The IPO of Travelers Property Casualty Corp., which listed today, raised $3.9 billion, making it the largest IPO of the year. The size of the Travelers offering eclipsed the $2.3 billion raised yesterday by Alcon, which at the time ranked as the largest IPO of the year. Also yesterday, NYSE-listed Companhia Vale do Rio Doce (CVRD) raised $1.8 billion through a secondary offering.
This week's listings continued the NYSE's longstanding leadership of the market for IPO listings. In 2001, NYSE-listed IPOs accounted for 92 percent of qualified domestic IPO proceeds and 98 percent of the qualified non-U.S. offerings.
Travelers (symbol TAP), a leading provider of a wide range of insurance products for individuals and businesses, was spun off from Citigroup (C). Alcon (ACL) is the global leader in the eye-care field, with worldwide sales of $2.75 billion in 2001, and was spun off from Nestle. Brazil's CVRD (symbol RIO) is one of the world's largest producers and exporters of iron ore and the largest diversified mining company in the
