The insurance company’s headquarters in New York.
(Photo: AFP)
Bangalore American International Group (AIG) plans to raise up to $1.92 billion from Corebridge Financial’s IPO. The offering will offer 80 million Corebridge common shares, the company announced on Tuesday. The shares will be offered at between $21 and $24 each and listed on the New York Stock Exchange.
After pressure from activist investors, AIG spun off its life and pensions business and later renamed it Corebridge. The IPO is likely to be one of the largest this year. Financial sources said the debut is scheduled for September 15th. The IPO was originally planned for March, but had to be postponed due to market volatility.
AIG was once the largest insurer in the world. After the collapse of the investment bank Lehman Brothers in 2008, AIG also got into trouble and was saved from collapse by the US government with $182 billion in tax money. The company has since repaid the money.
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