The giant insurer American International Group is moving full-steam ahead with its plans for a huge stock offering, or re-IPO, as bankers are calling it.
AIG, its underwriters, and the U.S. Treasury, which is selling down its large majority stake in the insurer as part of the deal, are targeting the week of May 9 to begin a road show for the offering, according to one person familiar with the matter. That week is a strong possibility although exact timing is still fluid, another person familiar with the matter said.
Given the traditional ten-day to two-week road show timetable, a May 9 start would mean shares of the insurer would probably price the week of May 23.
An AIG spokesman declined to comment.
Exact sizing of the deal remains to be seen, the people familiar with the matter said, but the re-IPO will be at least $10 billion and probably higher.
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