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AIA float sees investors pile in

first_img whatsapp whatsapp John Dunne AIA float sees investors pile in Show Comments ▼ Share Friday 29 October 2010 5:22 am AIA Group surged 17 per cent in its Hong Kong debut as investors, chasing exposure to Asia’s fast-growing life insurance business, piled into the record offering in the world’s hottest IPO market.The stronger-than-expected listing is a relief for bailed-out insurer American International Group Inc after a two-year effort to sell its Asian unit, including a failed takeover attempt from British insurer Prudential plc.The strong start boosted AIA’s market value above the $35.5bn (£22.3bn) Prudential had initially offered for AIA in March, vindicating AIG’s decision not to accept $30.4bn bid that followed.AIA CEO Mark Tucker will now battle it out with Prudential to grab a greater share of the $358bn Asia-Pacific life insurance market after spending about 17 years building Prudential’s Asian business.Diversifying quickly into bancassurance – selling insurance products through banks – is one of the battles Tucker has on his hands, as he gets underway to revive growth at AIA after the wounds inflicted by AIG’s near-collapse.“The successful IPO would turn management’s full attention back to the core business. The IPO and the separation from AIG took up some of management’s time,” said Sally Yim, senior analyst of financial institutions group at Moody’s Investor Service.“Whoever is able to diversify into bancassurance and at the same time strengthen their agency productivity will be the winner in Asia,” she added.Tucker, 52, a former professional soccer player known for his long hours and competitive nature, faces off against the likes of Prudential, ING and Manulife Financial Corp.AIA closed at HK$23.05, 17 percent above the IPO price of HK$19.68, after hitting a high of HK$23.15. A Reuters poll had, on average, forecast the shares to start trading at HK$21.79.AIA accounted for about 42 per cent of Hong Kong’s total market turnover with early trade dominated by retail demand, according to Hong Kong exchange data.Asia has led the world in IPOs this year, raising a record $124.7bn to account for more than 66 per cent of all global volume, according to Thomson Reuters data. One-third of Asia’s IPOs have been in Hong Kong, drawing on its access to the booming China market and big investor base.AIA also caps a record year of insurance IPOs, which saw Japan’s Dai-ichi Life Insurance sell $11bn in shares and Samsung Life Insurance raise $4.4bn.AIA’s IPO closed two days ahead of schedule after being swamped by orders from Chinese investors and traditional long-only funds. AIG raised $17.8 billion after selling shares at the top end of the marketing range. The offer was subscribed 9.62 times.The IPO could raise as much as $20.5bn if AIG exercises the over-allotment option, setting it on course to be the world’s third-biggest IPO. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Tags: NULLlast_img read more

West Ham value rockets following stadium boost

first_imgMonday 14 February 2011 10:14 pm West Ham value rockets following stadium boost Share KCS-content Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap WEST HAM’S value has doubled following its successful bid to move into the Olympic Stadium after the London 2012 Games, according to analysts, and could earn owners David Gold and David Sullivan a joint profit of £120m.The Premier League club was worth just £100m a year ago but its success in securing the 60,000-seater arena for a fraction of the £530m construction cost is estimated to have doubled the side’s value overnight.Once the Hammers have completed their move, which is due to take place in 2014, and is enjoying increased revenues from corporate tickets and the sale of naming rights, it is predicted the club will be worth around £300m.“Obviously the value has increased overnight, the minute they got the stadium,” Stan Lock, an analyst at brokers Brewin Dolphin, told City A.M.“I’d say now [it’s worth] £200m without anything happening. And then once it’s all complete, the corporate areas are in, it must be £300m.”Gold and Sullivan together own 61 per cent of the East End outfit, which they bought last year in deals that priced the club at around £100m. An increase in its value to £300m would see the combined worth of their stake rocket from £60m to £180m.The estimate relies on West Ham avoiding relegation, and on the government and Mayor of London rubber-stamping their move to the stadium. whatsapp Tags: NULL whatsapp Show Comments ▼last_img read more