AIA has set October 29 for its planned $15bn-plus share sale on the Hong Kong Stock Exchange, according to people familiar with the company.
The Asian life assurance business of AIG, the stricken US insurer, is expected to set a price range for its initial public offering early next week and hopes to strike agreements with big “cornerstone” investors – who could take one-fifth of the shares sold – a few days after that, the people said.
AIA is being floated in Hong Kong following the collapse of a planned $35.5bn sale to Prudential of the UK this summer when the AIG board declined to consider a reduced $30.4bn offer which the UK group had negotiated with AIG’s management.
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