Friday, October 29, 2010

AIA shares debut up 11.8% after record HK IPO

HONG KONG: Shares in AIA Group Ltd rose 11.8% on their trading debut on Friday, Oct 29 after parent American International Group Inc (AIG) raised US$17.8 billion (RM55.18 billion) in a record Hong Kong offering.

AIA, which operates life insurance businesses across 15 Asian markets, was offloaded by AIG to repay part of the bailout it received from the US government.

AIA opened at HK$22.00 compared with an initial public offering price of HK$19.68 (RM7.87) per share. A Reuters poll had forecast the shares to start trading at HK$21.79.

The offer was closed two days ahead of schedule after being swamped by orders from Chinese investors and traditional long only funds. ' Reuters

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