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AIG Unit AIA Secures $1 Billion from Kuwait Investment Authority for IPO

Source: Dow Jones

Posted on 04 Oct 2010

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American International Group Inc.'s pan-Asia life unit AIA Group Ltd. has secured around $1 billion from the Kuwait Investment Authority for its $10 billion - $15 billion IPO, a person familiar with the deal said Monday.

Kuwait's sovereign-wealth fund is one of the cornerstone investors in AIA, which AIG is listing to help repay U.S. taxpayers after a huge government bailout in 2008.

AIA is slated to list in Hong Kong on Oct. 29, with the roadshow set to begin Tuesday, and pricing on Oct. 21. It began pre-marketing the deal, in which no new shares will be issued, on Sept. 27.