After divesting a 10% stake to private equity firm Blackstone for $2.2b last year, AIG filed for the Corebridge offering raising $1.68b in the biggest initial public offering so far this year
AIG Inc’s life insurance and retirement division Corebridge Financial Inc raised $1.68b on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.
AIG said it sold 80 million Corebridge shares at $21 per share, which was at the lower end of their indicated target range of $21 to $24 per share.
After divesting a 10% stake to private equity firm Blackstone for $2.2b last year, AIG filed for the Corebridge offering in March. It had initially planned to complete the listing by the end of June, before postponing it due to market turbulence.
Read more: Reuters
