Bankers on initial public offerings are often keen to take credit for working on high-profile deals, however marginal their involvement.
But anyone hoping to stand out in their next client pitch with a reference to this year’s largest initial public offering is likely to be disappointed: almost the whole industry appeared to be in the prospectus.
Corebridge, the life and asset management business of insurance group AIG, went public this week with the help of 43 different banks, the second-highest number of managing underwriters for a US listing on record, according to data collected by the University of Florida’s Jay Ritter.
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