AIG Asia unit float in Hong Kong aims to raise $15 billion

HONG KONG - American International Group Inc, the bailed-out insurer, is seeking as much as HK$115.3 billion ($14.9 billion) in an initial public offering (IPO) of its Asia unit in Hong Kong, two people with knowledge of the matter said.

The company plans to sell as many as 5.9 billion shares of AIA Group Ltd at HK$18.38 to HK$19.68 each, said the people, who declined to be identified because the discussions are private. The offering represents a stake of about 49 percent of the company, the people said, which would value Hong Kong-based AIA at as much as $30.6 billion.

AIG is taking advantage of a gain in Hong Kong stocks to attempt what may become the city's biggest-ever IPO, moving the insurer closer to repaying its $182.3 billion government bailout. The offering values AIA at a premium to European rivals, based on forecasts by the IPO arrangers.