Today's IPO for Corebridge Financial, Inc. (NYSE: CRBG), a spin-off from AIG (NYSE: AIG), opened for trading at $20.50 after pricing at $21, the low end of the expected $21-$24 range.

AIG is offering 80 million existing shares of common stock and granted underwriters the option to purchase of up to an additional 12 million shares.

J.P. Morgan, BofA Securities, Morgan Stanley, Citigroup, Piper Sandler, and Goldman Sachs & Co. LLC are among the underwriters of the offering.

Corebridge Financial, Inc. is one of the largest providers of retirement solutions and insurance products in the United States, committed to helping individuals plan, save for and achieve secure financial futures.

For the twelve months ended June 30, 2022, the company’s four operating businesses collectively generated $5.3 billion in premiums, $3.0 billion in policy fees and $8.9 billion in net investment income excluding Fortitude Re funds withheld assets, contributing to a total of $28.0 billion in total revenue, including Fortitude Re.