Liberty Mutual Scraps $1.2B IPO

Liberty Mutual announced that it is postponing the $1.2 billion IPO of Liberty Mutual Agency Corp.
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NEW YORK (

TheStreet

) --

Liberty Mutual Group

announced that it is postponing the $1.2 billion IPO of Liberty Mutual Agency Corp.

Liberty Mutual Agency had disclosed expectations for an initial price of between $18 and $20 per share. The price is based on the sale of 64,309,000 shares of its class A common stock.

The company cited to an unfavorable environment for receiving an "appropriate value" for the business, according to a

statement

.

"The delay will not impact our business or our day-to-day operations," said Liberty Mutual Group CEO Edmund Kelly. "While we still believe this transaction is a useful step in giving the Group additional capital flexibility, we have more than adequate capital to conduct our business successfully."

--Written by Maria Woehr in New York.

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