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Home / Insurance / AIG seeks up to $15.5 billion valuation of Corebridge at IPO

AIG seeks up to $15.5 billion valuation of Corebridge at IPO



(Reuters) — American International Group Inc. said on Tuesday it is seeking a valuation of up to $15.5 billion in the initial public offering of Corebridge Financial Inc.’s life insurance and pensions unit, at a time when investor interest in new listings has waned on due to the volatility of the stock market.

AIG is offering 80 million shares of Corebridge common stock at a price between $21 and $24 per share.

The move sets the stage for what is expected to be one of the marquee rosters this year.

But U.S. IPOs are heading for their worst year in more than two decades, according to Dealogic, which tracks listing data going back to 1995.

Volatile market conditions driven by geopolitical unrest and fears of a looming recession have forced investors to put the brakes on IPOs this year.

Last week, yogurt maker Chobani became the first high-profile casualty of the current downturn in IPOs when it filed to withdraw its US IPO plans.

AIG first announced the decision to separate its life insurance and pension businesses from its property/casualty business in 2020, years after activist investors targeted the company for a breakup.

The insurer filed for the offer in March, blaming market conditions for the delay in closing, which was originally expected in late June.

AIG said it expects Corebridge to trade on the New York Stock Exchange under the ticker symbol CRBG.

JP Morgan, Citigroup, Morgan Stanley, Goldman Sachs, Bank of America, Piper Sandler, Wells Fargo and Deutsche Bank Securities are among the underwriters for the offering.


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