AIA Group, the pan-Asian life insurance unit of American International Group, yesterday kicked off its eagerly awaited initial public offering which is seeking to raise between HK$107.65 billion and HK$115.3 billion $13.9 billion to HK$14.9 billion.
The deal is made up entirely of secondary shares that will be sold by the parent company, which is on a quest to raise enough capital to repay the $182.3 billion government bailout that it received in 2008. According to sources, AIG will sell 48.6% of the company as part of the base deal, which implies an equity value between $28.6 billion and $30.7 billion for AIA as a whole.
Some media reports have suggested...
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