AIG is planning to cut the valuation of Corebridge, its life and asset management business, by more than 30 per cent as the carved-out company attempts to reopen the US market for initial public offerings with the first major listing since May.
The US insurance group on Tuesday said it aimed to sell 80mn Corebridge shares at between $21 and $24 a share, raising between $1.7bn and $1.9bn. The company plans to list on the New York Stock Exchange later this month.
Such a price would value the company at between $13.5bn and $15.5bn, compared with the $22.2bn valuation it secured in an investment from private equity group Blackstone last November.
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