AIG Makes a Record
Shares of American International Group, Inc. (NYSE:AIG) are trading up today on news of a record IPO. At last check, AIG shares are trading at $41.92, up 1.55% or $0.64 and volume is currently at 1.35M shares traded, which sees largely fueled by the record $17.8B (US dollars) raised by the company in its Hong Kong IPO.
(Bloomberg) -- American International Group Inc. raised a record HK$138.3 billion ($17.8 billion) from the Hong Kong initial public offering of its main Asian unit, putting what was once the world’s largest insurer on course to repay its 2008 bailout.
AIG sold 7.03 billion shares, or a 58 percent stake, at HK$19.68 each, the top end of a marketing range, Hong Kong-based AIA said an e-mailed statement. It used an option to expand the sale offered from 5.86 billion, or a 49 percent stake.
The largest IPO in Hong Kong’s history followed the failed sale of AIA to Prudential Plc for $35.5 billion in June, as shareholders forced the U.K. insurer to demand a price cut. AIG Chief Executive Officer Robert Benmosche, 66, has said the divestments will put his company “well within striking distance” of repaying the U.S. government for aid received during the global credit crisis.
Read the rest of the story at: http://www.bloomberg.com/news/2010-10-21/aig-is-said-to-raise-17-8-billion-as-aia-completes-record-hong-kong-ipo.html
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