AIG unit Corebridge Financial’s IPO prices at low end of range to raise $1.6 billion and mark biggest IPO of the year so far

American International Group Inc.
AIG,
-0.26%
said late Wednesday it priced the initial public offering of its life insurance unit Corebridge Financial Inc.
CRBG,

at $21 a share, the low end of its price range. The company sold 80 million shares to raise $1.68 billion, marking the biggest IPO of the year to date. JP Morgan was lead in a syndicate of 43 banks that worked on the deal. The shares will start trading on the New York Stock Exchange later Thursday under the ticker “CBRG.” The company was aiming to price at $24 to raise $1.8 billion, but was expected to face pushback from investors after Tuesday’s 1,300-point selloff by the Dow Jones Industrial Average
DJIA,
+0.10%.
But the amount raised is still bigger than the $1. billion raised by private equity firm TPG Inc.
TPG,

in January, in what has been a slim year for IPOs. The Renaissance IPO ETF
IPO,
+1.92%
is down 43% in the year to date, while the S&P 500
SPX,
+0.34%
has fallen 17%.