AIG unit Corebridge raises $1.68b in year’s largest IPO

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.

The IPO values Corebridge at $13.6b.

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All proceeds of the IPO will go to AIG and the new company is not raising new capital, according to an earlier filing with the U.S. Securities and Exchange Commission.

With a raise of $1.7b, the Corebridge offering also marks the biggest U.S. IPO this year, topping private equity firm TPG Inc.’s $1.1b listing in January.

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.

AIG will control almost 78% of the company’s shares after the listing, with Corebridge trading on the New York Stock Exchange under the symbol “CRBG”.

Source: Reuters

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