AIG finally launches $1.9bn IPO of Corebridge Financial
Global insurance conglomerate American International Group (AIG) is finally moving ahead with plans to raise up to $1.92 billion by selling shares in its life and retirement business Corebridge Financial after a delay due to stock market volatility.
The insurer will offer 80 million shares of common stock priced between $21 and $24 per share in the initial public offering (IPO) of its majority-owned subsidiary Corebridge. All of the net proceeds from the offering will go to AIG.
AIG has granted a 30-day option to the underwriters for the purchase of up to an additional 12 million shares of common stock.
AIG said last month that it had deferred the launch of the Corebridge IPO “due to the high degree of equity market volatility in May and June”.
The shares are expected to trade on the New York Stock Exchange under the ticker symbol “CRBG”. JP Morgan is acting as global coordinator and a lead active bookrunner for the proposed offering, with Morgan Stanley and Piper Sandler also acting as lead active. BofA Securities, Citigroup and Goldman Sachs & Co. LLC are acting as active bookrunners for the proposed offering.
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