Business Services Industry
Financial Pacific Insurance Group of California Plans IPO.
Knight Ridder/Tribune Business News, April, 1998 by Young, Eric
Knight Ridder/Tribune Business News
Apr. 23--A Rocklin-based underwriter for small businesses said Wednesday it will begin selling stock to the public to help it grow in California and begin muscling into several other states.
Officials at Financial Pacific Insurance Group Inc. said they expect to raise $17.9 million through an initial public offering of 2.5 million shares, which will be traded on the Nasdaq stock market. The sale could commence as soon as June and will represent a 50.3 percent stake in the company.
Company officials want to use $16.2 million of the proceeds to boost Financial Pacific's level of capital. This will allow Financial Pacific to assume greater levels of risk -- and make potentially greater profits -- than it does now,...
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