AIG has priced the IPO of Corebridge, previously SAFG Retirement Services, at $21 per share with trading expecting to begin Thursday.
The firm said in a statement that it was offering 80m shares of common stock out of 645m million total common shares. It said that this corresponds to $1.7bn in gross proceeds.
The shares will trade on the New York Stock Exchange under the ticker symbol ‘CRBG’. AIG said it has also granted a 30-day option to the underwriters for the purchase of up to an additional 12m shares of Corebridge common stock.
The IPO price is at the low end of AIG’s original aimed-for region, which it said last week was between $21 and $24 per share. However, it remains the world’s largest IPO this year.
This deal has been in the works for some time, after AIG rebranded the parent company of its Life & Retirement business from SAFG Retirement Services to Corebridge back in March, ahead of plans to make the company public.
JP Morgan is acting as Global Coordinator and a Lead Active Bookrunner for the proposed offering, while Morgan Stanley and Piper Sandler are also acting as Lead Active Bookrunners, and BofA Securities, Citigroup and Goldman Sachs & Co. LLC are acting as Active Bookrunners.
