Corebridge Financial, a carve-out of AIG's retirement services and life insurance business, raised $1.7 billion by offering 80 million shares (100% secondary) at $21, the low end of the range of $21 to $24. The company intends to pay quarterly cash dividends of $0.23 per share.
Corebridge's $1.7 billion offering makes it the largest IPO of the year, ahead of private equity firm TPG (TPG), which raised $1 billion in January.
The company states it is one of the largest providers of retirement solutions and insurance products in the United States, describing its market as having long-term secular trends given an aging U.S. population and a growing need for retirement solutions. The company comprises four primary business lines: Individual Retirement, Group Retirement, Life Insurance, and Institutional Markets.
Corebridge Financial plans to list on the NYSE under the symbol CRBG. J.P. Morgan, Morgan Stanley, Piper Sandler, BofA Securities, Citi, Goldman Sachs, BNP Paribas, Deutsche Bank, Evercore ISI, HSBC, Jefferies, Mizuho Securities, PNC Capital Markets, SMBC Nikko, and Wells Fargo Securities acted as joint bookrunners on the deal.