US insurance conglomerate AIG (AIG.NYSE) raised approximately US$17.8 billion from the initial public offering of its Asian unit, AIA Group, in Hong Kong, Bloomberg reported, citing a person close to the situation. AIG sold 5.86 billion existing shares in AIA at HK$19.68 each, the top end of the indicative range. AIG also has an option to sell 1.17 billion more shares at the same price. China Life (2628.HK), Taikang Life, China Investment Corp. (CIC) and Ping An Insurance Group (2318.HK) are believed to be among the mainland institutional investors interested in taking up a stake in AIA Group. Parent AIG received a US$85 billion bailout from the US government in 2008.
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