Asian insurer AIA raised $17.8bn in its long-awaited IPO this morning, valuing the group at $30.5bn.
Believed to be the largest initial public offering in Hong Kong history, AIG sold 7.03bn shares of its Asian arm at the top end of its price range.
The value of AIA is about $5bn lower than the price UK giant Prudential agreed to buy the insurer, which collapsed in July following an investor backlash.
A number of UK investors placed orders for shares in AIA public offering, including high profile Jupiter financials managers Guy de Blonay and Philip Gibbs.
Mark Tucker, the former Prudential CEO and now AIA chief executive, says the IPO is a "critical turning point" for the insurer.
"We are delighted that it has been so positively received by investors around the world," Tucker says. "This reception underscores the attractiveness and uniqueness of the AIA franchise and its competitive advantages."
Havensrock Thrive App
Don’t ‘leave it all on the pitch’
21 firms in total
PA360 2019 conference
Latest news and analysis