AIA stars in largest insurance IPO ever
November 09, 2010 | BY
Candice MakAIA, the Asian life insurance arm of AIG, has launched its US$20.5 billion initial public offering (IPO) on the Hong Kong stock exchange. It is the world's…
AIA, the Asian life insurance arm of AIG, has launched its US$20.5 billion initial public offering (IPO) on the Hong Kong stock exchange.
It is the world's largest IPO in the insurance sector, the largest ever single market listing in Hong Kong and the third-largest IPO in the world ever. AIA's shares were priced at HK$19.68 each.
Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley were the joint global coordinators and joint sponsors. The group of banks, along with Bank of America Merrill Lynch, Barclays Capital, CIMB, Credit Suisse, ICBC International, JP Morgan and UBS, were the joint bookrunners.
Advising the issuer were Freshfields Bruckhaus Deringer and Debevoise & Plimpton, both with teams based in Hong Kong. King & Wood served as PRC counsel to AIA. Linklaters and Sullivan & Cromwell represented the joint lead underwriters, while acting for the Federal Reserve Bank of New York were Herbert Smith and Davis Polk & Wardwell.
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