Workers Arrive At The Offices Of Troubled Insurance Company AIG

Dan Kitwood/Getty Images News

AIG (AIG) has priced the $1.7B initial public offering of its Corebridge Financial (NYSE:CRBG) unit at the lower end of its previously announced range.

The insurance company said it plans to offer 80M shares priced at $21 per share, raising $1.7B. All net proceeds from the deal will go to AIG.

Underwriters will be granted a 30-day option to buy an additional 12M shares. JP Morgan, Morgan Stanley and Piper Sandler are serving as lead bookrunners.

Shares of Corebridge are expected to begin trading on Thursday on NYSE under the symbol CRBG.

Last week, AIG said that it expected the shares to price between $21 and $24 per share.

Corebridge was formerly known as SAFG retirement services. AIG first filed for an IPO of the unit in March.

Image and article originally from Read the original article here.

By admin