Banking, finance, and taxes
AIG Scores Better With AIA IPO in Hong Kong (AIG, PUK)
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AIG is paying back more money to Uncle Sam. American International Group Inc. (NYSE: AIG) has raised a large sum via its AIA Group Ltd. initial public offering in Hong Kong. The Asian insurance unit priced at the top of the range at HK$19.68 and the size of the offering by about 20% to 7.03 billion shares.
The proceeds are expected to be around $17.8 billion that will be used to help it pay back the U.S. government, above a prior estimate of just over T14 billion. The proceeds that come from the IPO in Hong Kong will be used as part of a $20 billion initial repayment.
AIA is coming public because of the Pudential PLC (NYSE: PUK) acquisition of the unit falling apart. That deal was worth more than $35 billion initially.
A new large multi-billion IPO is out, and AIG is continuing to get smaller.
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JON C. OGG
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