U.S. IPO market braces for biggest deal of the year in AIG unit Corebridge Financial''s $1.8 billion offering
The U.S. initial public offering market is bracing for what''s expected to be the biggest deal of the year so far, that of the spin-off of AIG''s life insurance unit Corebridge Financial , which is aiming to raise $1.8 billion. "At the expected deal size it''ll represent over a quarter of all 2022 IPO proceeds," said Bill Smith, co-Founder and CEO of Renaissance Capital, a provider of institutional research and IPO exchange traded funds, in commentary. "J.P. Morgan is lead left, but there are 43 banks on the cover - the most in over a decade by our count." There are two other deals on tap, biotech Third Harmonic Bio, which is planning to raise up to $162 million, and Linkbancorp Inc. which operates Pennsylvania-based The Gratz Bank, and is aiming to raise up to $43 million. The Renaissance IPO ETF as fallen 42% in the year to date, while the SP 500 has fallen 15%. b90p` Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
U.S. IPO market braces for biggest deal of the year in AIG unit Corebridge Financial''s $1.8 billion offering
The U.S. initial public offering market is bracing for what''s expected to be the biggest deal of the year so far, that of the spin-off of AIG''s life insurance unit Corebridge Financial , which is aiming to raise $1.8 billion. "At the expected deal size it''ll represent over a quarter of all 2022 IPO proceeds," said Bill Smith, co-Founder and CEO of Renaissance Capital, a provider of institutional research and IPO exchange traded funds, in commentary. "J.P. Morgan is lead left, but there are 43 banks on the cover - the most in over a decade by our count." There are two other deals on tap, biotech Third Harmonic Bio, which is planning to raise up to $162 million, and Linkbancorp Inc. which operates Pennsylvania-based The Gratz Bank, and is aiming to raise up to $43 million. The Renaissance IPO ETF as fallen 42% in the year to date, while the SP 500 has fallen 15%. b90p` Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.