AIG unit Corebridge raises $1.7bn in ‘biggest’ IPO of 2022

Global insurance conglomerate American International Group (AIG) has closed its  initial public offering (IPO) of its majority-owned subsidiary  Corebridge Financial, raising gross proceeds of approximately $1.7 billion.

The IPO is said to be the “biggest so far this year”, according to a Reuters report.

AIG  aimed to raise up to $1.92 billion by selling shares in its life and retirement business. The insurer offered 80 million shares of common stock priced between $21 and $24 per share in the IPO.

All of the net proceeds from the offering will go to AIG.

Corebridge’s common shares began trading on the New York Stock Exchange on September 15 after a delay due to stock market volatility. AIG said in August that it had deferred the Corebridge IPO “due to the high degree of equity market volatility in May and June”.

JP Morgan acted as global coordinator and a lead active bookrunner for the offering. Morgan Stanley and Piper Sandler also acted as lead active bookrunners for the offering. BofA Securities, Citigroup and Goldman Sachs & Co acted as active bookrunners for the offering.

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