AIG has priced the initial public offering of life and retirement business Corebridge Financial at US$21 per share.
In a statement the insurer revealed it expected trading to begin on 15 September, and the offering is expected to close on Monday (19 September), subject to customary closing conditions.
The launch of the IPO was announced last week following a deferment which was attributed due to the high degree of equity market volatility in May and June.
AIG, as the selling stockholder, is offering 80 million existing shares of common stock (out of 645 million total common shares) of Corebridge, corresponding to approximately US$1.7 billion of gross proceeds. The shares will trade on the New York Stock Exchange under the ticker symbol “CRBG.”
AIG has also granted a 30-day option to the underwriters for the purchase of up to an additional 12 million shares of Corebridge common stock.
JP Morgan is acting as global coordinator and a lead active bookrunner for the offering. Morgan Stanley and Piper Sandler are also acting as lead active bookrunners for the offering. BofA Securities, Citigroup and Goldman Sachs are acting as active bookrunners for the offering.