AIG's Asia branch opens 11.8% higher than IPO price on HK debut

11:16, October 29, 2010      

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Shares of AIA, the Asian unit of U.S. life insurer AIG, opened 11.8 percent higher than its initial public offering price of 19.68 HK dollars (2.54 U.S. dollars) on its first trading day in Hong Kong Friday.

The insurer started trading at 22 HK dollars per share at the Hong Kong bourse.

With the successful listing, AIA's stock options and AIA derivative warrants were available at the same time. The Hong Kong stock exchange had announced the admission of AIA to the list of designated securities for short selling.

AIA said on Thursday that it had offered 7.03 billion shares after the exercise of the offer size adjustment option, which brought 138.33 billion HK dollars to the U.S. company.

If the underwriters exercise the over-allotment option, the number of shares sold could increase by up to an additional 15 percent, to a maximum total offering of some 8.08 billion shares of AIA, which would represent 67.1 percent of the issued and outstanding shares of AIA.

If so, AIA could garner more than 159 billion HK dollars through the IPO, which would make it the world's second largest IPOs this year, just after the Agricultural Bank of China.

The Agricultural Bank of China, one of the country's "big four" State-owned lenders and the last one to go public, garnered a total of 22.1 billion dollars from its IPO in July this year.

Source: Xinhua


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