AIG to List Asian Unit on October 29; Seeking $15 Billion (AIG)
American International Group (NYSE: AIG) plans to list its Asian life insurance unit, AIA Group Ltd, on October 29, according to sources familiar with the matter. AIG hopes to raise $15 billion in Hong Kong, the sources said Monday.
A Reuters report notes that "AIA plans to seek Hong Kong listing committee approval for its Hong Kong IPO on September 21, the source said. If the listing committee approves the offer, AIA is expected to start trading on October 29."
Most analysts expect AIA to pass the listing committee quickly. The IPO is expected to be the biggest stock offering ever in Hong Kong.
Kennix Chim of Reuters comments that "At the top end, AIA's IPO could be valued at about $30.4 billion, which was the last offer which AIG received from British insurer Prudential plc, sources added."
The sources spoke on the condition of anonymity because the discussion are not yet public. AIA couldn't be reached for comment.
Shares of AIG are up 2.2% this afternoon, to $36.42.
See Some of the Top Moving Indexes Here.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.