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First US IPO of the year on track after price cut

Infinity Property & Casualty, the US car insurance firm, is set to launch the first US initial public offering of 2003, after cutting its indicative price range for the second time.

Credit Suisse First Boston and Merrill Lynch are lead managers of the $235m (€216m) deal. Banc of America Securities and Bear Stearns are co-managers.

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