Corebridge Financial, a carve-out of AIG's retirement services and life insurance business, announced terms for its IPO on Tuesday.
The Houston, TX-based company plans to raise $1.8 billion by offering 80 million shares (100% secondary) at a price range of $21 to $24. At the midpoint of the proposed range, Corebridge Financial would command a fully diluted market value of $14.7 billion. The company intends to pay quarterly cash dividends of $0.23 per share of common stock.
Corebridge's $1.8 billion offering would make 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 was founded in 1850 and booked $28.0 billion in revenue for the 12 months ended June 30, 2022. It 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, RBC Capital Markets, SMBC Nikko, and Wells Fargo Securities are the joint bookrunners on the deal. It is expected to price during the week of September 12, 2022.
