AIA's Share Sale to Close Early

Strong demand for the AIA Group Ltd.'s shares is prompting underwriters to close the offer two days ahead of schedule, reports the Wall Street Journal.

 

The IPO, to be closed on Tuesday rather than Thursday, is estimated to raise up to US$20.6 billion. The insurer plans to use the proceeds from the sale to repay U.S. taxpayers for bailing out parent, AIG, in 2008.

 

Quoting sources familiar with the matter, the Journal says AIA's base IPO–excluding options to increase its size–is already multiple times covered at the top of the indicative price range of HK$18.38 to HK$19.68 per share.

 

AIA could become the world’s third-largest IPO, if priced at the top end and if AIG exercises the over-allotment and the upsize options.

 

 

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