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Sept. 15, 2022, 1:08 p.m. EDT

AIG's Corebridge Financial stock opens below IPO price

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By Tomi Kilgore

Corebridge Financial Inc. /zigman2/quotes/235495635/composite CRBG -0.09% , the life insurance unit of American International Group Inc. /zigman2/quotes/203700638/composite AIG +0.20% , received a lackluster reception in its public debut, as the stock opened 2.4% the initial public offering price. The company said overnight that it's IPO priced at $21 a share, at the low end of the expected range, as the company raised $1.68 billion in the biggest IPO in a rather down year for IPOs. The stock's first trade Thursday was $20.50 at 1:04 p.m. Eastern for 4.4 million shares. At that price, Corebridge was valued at about $13.22 billion. The stock has bounced slightly since the open, to trade 1.2% the IPO price. Corebridge's debut comes at a time of relative investor disdain for IPOs, as the Renaissance IPO ETF /zigman2/quotes/207665280/composite IPO -0.75% has tumbled 42.7% year to date while the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.03% has declined 17.4%.

/zigman2/quotes/235495635/composite
US : U.S.: NYSE
$ 22.39
-0.02 -0.09%
Volume: 211,430
Nov. 25, 2022 3:30p
P/E Ratio
1.22
Dividend Yield
4.11%
Market Cap
$14.44 billion
Rev. per Employee
N/A
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/zigman2/quotes/203700638/composite
US : U.S.: NYSE
$ 61.08
+0.12 +0.20%
Volume: 2.16M
Nov. 25, 2022 1:10p
P/E Ratio
3.65
Dividend Yield
2.10%
Market Cap
$45.38 billion
Rev. per Employee
$1.61M
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/zigman2/quotes/207665280/composite
US : U.S.: NYSE Arca
$ 26.41
-0.20 -0.75%
Volume: 8,309
Nov. 25, 2022 3:30p
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/zigman2/quotes/210599714/realtime
US : S&P US
4,026.12
-1.14 -0.03%
Volume: 0.00
Nov. 25, 2022 2:32p
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