Corebridge Financial Inc. CRBG, -0.86%,
the life insurance unit of American International Group Inc. AIG, +1.26%,
received a lackluster reception on its public debut as the stock opened 2.4% of its initial issue price. The company said overnight that the IPO was at the low end of its expected range at $21 per share as the company raised $1.68 billion in its largest IPO in a rather bearish year for IPOs. The stock’s first trade on Thursday was $20.50 at 1:04 pm Eastern time for 4.4 million shares. At that price, Corebridge was valued at approximately $13.22 billion. The stock has recovered slightly since opening, trading 1.2% of IPO price. Corebridge’s debut comes at a time of relative investor disdain for IPOs, as the Renaissance IPO ETF IPO, +0.21%, is down 42.7% year-to-date, while the S&P 500 SPX, -0.71%, is down 17 .4% has fallen.
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