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Banking, finance, and taxes

AIG Scores Better With AIA IPO in Hong Kong (AIG, PUK)

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By Jon C. Ogg Updated Published
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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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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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