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1. Corebridge Financial, Inc. IPO Timing: Corebridge Financial, Inc. is expected to have its IPO on the NYSE on Sept 15, 2022. The stock ticker is ‘CRBG’. Normally IPOs on the NYSE began trading between 10AM-2PM ET.
2. Corebridge Financial, Inc. IPO Price: The company anticipates the initial public offering price to be between $21.00 and $24.00 per share.
3. Shares Offered: The company is offering 80,000,000 shares of its common stock with a 30-day option for underwriters to purchase additional 12,000,000 shares. There will be a total of 645,000,000 shares of common stock outstanding after this offering.
4. Corebridge Financial, Inc. IPO Valuation: A pricing at the midpoint of the range would value the company at around $14.6 billion.
5. IPO Underwriters: J.P. Morgan, BofA Securities, Morgan Stanley, Citigroup, Piper Sandler, and Goldman Sachs & Co. LLC are among the underwriters of the offering.
6. Important Corebridge Financial, Inc. Financials: 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.
7. Corebridge Financial, Inc. Total Addressable Market (TAM): According to the U.S. Census Bureau, there were approximately 56 million Americans aged 65 and older in 2020, representing 17% of the U.S. population. By 2030, this segment of the population is expected to increase by 17 million, or 30%, to approximately 73 million Americans, representing 21% of the U.S. population. Further, Cerulli Associates estimates that by the end of 2042, $70 trillion will change hands from aging households passing on their wealth, providing a significant opportunity for the company’s annuities, life insurance and investment products.
By Davit Kirakosyan
