- American International Group ( NYSE: AIG ) is offering 80M shares of common stock in its majority-owned subsidiary Corebridge Financial ( CRBG ) through an initial public offering at an expected price of $21-$24 per share. That implies gross proceeds of up to $1.92B, or $2.21B if the over-allotment option for an additional 12M shares is exercised in full.
- The 80M shares represent a 12.4% stake of Corebridge, the business that was previously called SAFG Retirement Services.
- J.P. Morgan ( JPM ) is acting as global coordinator and lead active bookrunner for the proposed offering. Morgan Stanley ( MS ) and Piper Sandler ( PIPR ) are also acting as lead active bookrunners, with BofA Securities ( BAC ), Citigroup ( C ), and Goldman Sachs ( GS ) as active bookrunners.
- In August, AIG ( AIG ) prepared for Corebridge ( CRBG ) by adding two directors to the unit's board . The insurance company filed for the IPO in March 2022.
For further details see:
AIG expects to raise about $2B through Corebridge IPO