(Reuters) – Corebridge Financial Inc, the life and retirement unit of insurer American International Group Inc, notched a valuation of $13.2 billion in its U.S. market debut on Thursday after shares opened 2.4% below their offer price.
The lukewarm reception to the biggest U.S. IPO so far this year comes against the backdrop of a global market turmoil that has shaved billions off corporate valuations.
Russia’s invasion of Ukraine and U.S. inflation that is hovering at a 40 year-high have dampened investor sentiment and dried up the IPO market in 2022.
The $1.68 billion raised in the IPO would go to AIG and the new company is not raising capital, according to regulatory filings.
Shares opened at $20.50 each, below their offer price of $21 apiece.
(Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi)
