HONG KONG, Oct 18 (Reuters) - American International Group Inc is set to c
lose the institutional book for the AIA IPO on Tuesday, two days ahead of schedule due to strong demand, a source familiar with the matter told Reuters on Monday.
AIG aims to raise up to $20.5 billion by selling more than half its stake in its Asian life insurance unit through a stock market float in Hong Kong.
Large Chinese institutions, dependable investors in China-related IPOs, are among those lining up for the offering.
Sovereign wealth fund China Investment Corp, China Life and Ping An Insurance are expected to take stakes in the IPO, the same source said on Monday.
The source declined to be named because they were not authorised to speak to the media.
News of the institutional demand came on the opening day of AIA's retail offering, where the public is able to register for shares before the stock debuts.
As of late morning on Monday, there did not appear to be long lines outside local bank branches where AIA IPO forms are on offer. A rush to branches can provide an early indication of strong retail demand.
Online media in Hong Kong on Monday reported that banks are offering record low interest rates for margin loans to invest in the AIA IPO.
(Reporting by Denny Thomas and Donny Kwok)
(Editing by Michael Flaherty and Dhara Ranasinghe) Keywords: AIA INVESTORS/ . Keywords: AIA INVESTORS/
(email@example.com; +852 2843 6540; If you have a query or comment on this story, send an email to firstname.lastname@example.org)
COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Datafeed and UK data supplied by NETbuilder and Interactive Data.
While London South East do their best to maintain the high quality of the information displayed on this site,
we cannot be held responsible for any loss due to incorrect information found here. All information is provided free of charge, 'as-is', and you use it at your own risk!
The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates.
London South East does not authorise or approve this content, and reserves the right to remove items at its discretion.