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July 12th - On Saturday evening local time, despite Trumps refusal to sign it, the landmark bipartisan housing bill automatically went into effect, prompting celebrations from several members of the House and Senate. The Path to a Better Home Act aims to expand housing supply, increase homeownership rates, alleviate the housing shortage crisis in the United States, and improve housing affordability through measures such as relaxing regulations on residential construction and restricting Wall Street firms from acquiring ordinary homes.The China Earthquake Networks Center officially measured a 3.8-magnitude earthquake in Arong Banner, Hulunbuir City, Inner Mongolia, at 05:09 on July 12, with a focal depth of 10 kilometers.According to an Elabe poll for BFM, Marine Le Pen, the far-right National Rally candidate, is expected to receive 34% to 35.5% of the vote if the first round of voting is held this Sunday.The National Press Club of America has called on the U.S. Department of Justice to immediately withdraw the subpoena for the New York Times reporter.On July 12th, Meta announced that earlier this week, users could generate images in Meta AI by mentioning public Instagram accounts they wanted to reference. This feature, which allowed referencing public content by default, drew criticism from organizations such as the Screen Actors Guild, who argued it could infringe on portrait rights and pose criminal risks. Meta stated that its initial intention was to provide a practical creative tool and allow users to control whether their public content was allowed to be referenced in this way, but after receiving user feedback that the feature failed to achieve its intended effect, it has been removed.

AIG affiliate Corebridge's IPO raises $1.68 billion

Aria Thomas

Sep 15, 2022 10:34

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Corebridge Financial Inc, the life insurance and retirement division of AIG Inc, raised $1.68 billion in the largest initial public offering (IPO) of the year on Wednesday, defying market volatility and ending a seven-month hiatus in substantial listings.


AIG (NYSE:AIG) sold 80 million Corebridge shares at $21, below the $21 to $24 target.


$13.6 billion is Corebridge's IPO valuation.


AIG will receive all IPO revenues, and the new business isn't raising capital, according to an SEC filing.


Corebridge's IPO could revive the IPO market. Since February, Russia's invasion of Ukraine and high inflation have caused stock market instability, making corporate listing difficult.


Dealogic, which has collected listing data since 1995, says US IPOs are on track for their worst year in over two decades. Companies have raised over $18 billion this year, compared to $231 billion last year.


Due to market uncertainty, Reddit and ServiceTitan postponed their IPOs this year.


Corebridge's $1.7 billion sale tops TPG Inc.'s $1.1 billion IPO in January.

2022's biggest IPO

AIG said it will spin off its life and retirement unit in 2020, allowing it to focus on its P&C business.


Given their distinct shareholder return profiles, insurers tend to focus on a single product offering. AIG had opposed this trend for years, including a campaign by activist investors in the mid-2010s for a separation.


AIG filed for the Corebridge acquisition in March after selling 10% to Blackstone for $2.2 billion the year before. The listing was delayed due to market instability.


Houston-based AIG offers insurance and retirement options in the U.S.


After the listing, AIG will own approximately 78% of Corebridge's shares, which will trade under the ticker "CRBG" on the NYSE.


JPMorgan Chase & Co., Morgan Stanley, and Piper Sandler are the IPO's underwriters. Bank of America, Citigroup, and Goldman Sachs are also underwriters (NYSE:GS).

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