Asian insurer AIA raised $17.8bn in its long-awaited IPO this morning, valuing the group at $30.5bn.
Believed to be the largest initial public offering in Hong Kong history, AIG sold 7.03bn shares of its Asian arm at the top end of its price range. The value of AIA is about $5bn lower than the price UK giant Prudential agreed to buy the insurer, which collapsed in July following an investor backlash. A number of UK investors placed orders for shares in AIA public offering, including high profile Jupiter financials managers Guy de Blonay and Philip Gibbs. Mark Tucker, the former Prudential CEO and now AIA chief executive, says the IPO is a "critical turning point" for the insurer. ...
To continue reading this article...
Join Investment Week for free
Signup and gain exclusive members-only insights - all free of charge!
- Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
- Get ahead of regulatory and technological changes affecting fund management
- Important and breaking news stories selected by the editors delivered straight to your inbox each day
- Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
- Be the first to hear about our extensive events schedule and awards programmes
