American international assurance, known as A.I.A., said Friday that its price of its shares in Serbia $ Hong Kong, or $2.53 - at the top of a range of previously - announced by the list of the initial public offering largest ever view in Hong Kong and the insurance as a whole.
Bankers said that he had seen the offer of the strength of demand for both institutional and retail investors, are trying to capitalize on rapid economic growth in Asia, and the market position of A.I.A. in a sector expected to a significant growth in the coming years.
Increasing wealth among populations generally fast-growing Asia is expected to face the growing demand for insurance and savings products in what is today still a market generally penetrated, say analysts.
This has also contributed to make the region battlefield for companies, insurance local and foreign banks seeking to expand its reach.
A.I.A. is headquartered in Hong Kong and with roots dating back to a company founded in 1919 in Shanghai, an established leader in business insurance, with a well recognized brand, employees of 23.500, 320,000
agents and policies from 23 billion across 15 countries.
As A.I.G. teetered on the brink of disaster, sending shockwaves around the financial world, A.I.A. Asia focus provided insurance giant island of relative stability.
"We are very pleased of the bid price is set at the end of the spectrum, reflecting the future of a very strong in the A.IA. confidence vote" "and our ability to capture and realize the potential of exceptional growth in the Asia Pacific region," Mark Tucker, Executive Director of the A.I.A. said in a statement Friday.
Jumbo A.I.A. flotation could grow by another 15 per cent if wide demand allows more actions that will be published in a cash call option.
This would make the announcement ever, third largest of the of two Chinese banks – also testimony to the fact that Asia has become increasingly important as a location and font share offerings.
At the beginning of this year, the agricultural Bank of China, raised 22.1 million in a listing in Hong Kong and Shanghai, becoming the largest in history. In 2006, ICBC, another giant China lender I.P.O. raised 21.9 million $ 16 million dollars in Hong Kong.
A.I.A. adds another heavyweight financial for the exchange of Hong Kong, say analysts. Shares start trading on 29 October.
"All this enhances the reputation of Hong Kong as a leading centre of fundraising," said Francis Lun, general manager of Fulbright in Hong Kong, which adds that next year could see some significant announcements from Russia and other foreign companies choose the city as a place to show their stock values.
For A.I.G., meanwhile, spin-off will draw a line under contours and prolonged for raising efforts A.I.A, which was released in the block, together with a string of other assets, after United States insurance giant money was rescued from the brink of collapse two years by a series of injections of cash mass with a total of $ 180 million.
A first effort to float Asia business was put on hold once the British insurer Prudential offered $ 35.5 million for A.I.A. at the beginning of this year. That bid later collapsed in the middle of the shareholder, opposition causing A.I.G. to return to his original plan of a listing in Hong Kong.
A.I.G. held 33 percent of A.I.A. If you exercise the option box, A.I.A., said on Friday. Even so, spin-off marks an important step in Asia for A.I.G.
The U.S. giant also recently announced that it would sell its two Japanese life insurance units: A.I.G. Star life insurance and Edison A.I.G. - United States by $ 4.8 million financial Prudential life insurance.
Also attempted to sell the Nan Shan Taiwan, life insurance business while those plans have been implemented Taiwan Government opposition.
Mr. Tucker, who was once the head of rival Prudential and took over as Director Executive A.I.A., in July, has undertaken to do business "the preeminent life insurance provider." The announcement, said in a statement Friday, mark "a critical moment for A.I.A."
"I think that once they become independent, will be able to grow the business," said Mr. Lun of Fulbright Securities. "Have been in a holding pattern since 2008: this is a new beginning for them," he said, referring to the uncertainties surrounding the main problems of the A.I.A. in two years.
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