Market News

American International (NYSE:AIG) Bags $1.68B from Corebridge IPO

Story Highlights

American International stands to benefit from the biggest IPO in the U.S. so far this year.

Insurance company American International Group, Inc. (NYSE:AIG) grabbed the market’s attention after it successfully raised $1.68 billion through the initial public offering (IPO CALENDAR) of 80 million common shares of its unit Corebridge Financial, Inc.

Shares of Corebridge were priced at $21 per share, toward the lower end of the $21-$24 per share range stated previously. Corebridge Financial provides retirement solutions and insurance products.

American International, which will receive the entire gross proceeds from this IPO, has set September 19, 2022, as the last date for the IPO.

Corebridge will now start trading on the NYSE under the ticker symbol CRBG. Based on its shares outstanding and the IPO price, Corebridge is valued at approximately $13.6 billion.

This IPO is being called the biggest public offering in the United States so far this year. Shares of AIG declined 0.3% to close at $54.20 on Wednesday. However, they grew 1.11% in the extended trading session.

Is AIG a Good Stock to Buy?

As per TipRanks, analysts have a Moderate Buy consensus rating on AIG stock, which is based on two Buys and two Holds. AIG’s average price forecast is $66, which represents 21.77% upside potential from the current level. Considering analysts’ views, a wait-and-watch approach could be a nice idea for prospective investors.

The gross proceeds received from the abovementioned IPO could be used for growth opportunities by the company. This optimism could help lift the company’s investment appeal.

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