(Reuters) – American International Group Inc said on Tuesday it was looking to raise up to $1.92 billion through the initial public offering of its unit Corebridge Financial Inc.
AIG and its selling shareholders are offering 80 million shares of common stock of Corebridge in the listing.
The move sets the stage for what is expected to be one of the marquee listings this year, even as investor interest in IPOs has waned significantly due to recent stock market volatility.
AIG said it expects the IPO to priced between $21 and $24 per share and trade on the New York Stock Exchange under the ticker symbol “CRBG”.
The company first announced the decision to separate its life insurance and retirement businesses from its property and casualty operations in 2020, years after activist investors targeted AIG for a break-up.
J.P. Morgan, Citigroup, Morgan Stanley, Goldman Sachs and Bank of America are among the underwriters of the offering.
(Reporting by Manya Saini in Bengaluru; Editing by Shounak Dasgupta)
