AIG Inc’s life insurance and retirement division Corebridge Financial Inc (CRBG.N) raised $1.68 billion on Wednesday in the biggest initial public offering (IPO) so far this year, braving market volatility and ending a seven-month lull in major listings.

AIG said it sold 80 million Corebridge shares at $21 per share, which was at the lower end of their indicated target range of $21 to $24 per share.

Corebridge is valued at $13.6 billion in the IPO.

According to a previous filing with the U.S., AIG will receive 100% of the IPO profits and the new firm won’t be soliciting any additional funds. Commission for Securities and Exchange.

The share sale by Corebridge might help rouse the IPO market from its slumber. Since February, rising interest rates and the Russian invasion of Ukraine have driven stock market volatility, making it challenging for businesses to move through with IPOs.

Dealogic, which records listing data going back to 1995, reports that IPOs in the United States is on pace to have their worst year in more than 20 years. According to the data provider, companies have raised around $18 billion so far this year, compared to over $231 billion during the same period last year.

Due to the volatility, a number of businesses, including social networking platform Reddit and software provider ServiceTitan, have been forced to postpone their planned IPOs this year.

The Corebridge transaction, which raised $1.7 billion, is also the largest U.S. IPO this year, surpassing the $1.1 billion listing of private equity company TPG Inc. (TPG.O) in January.

BIGGEST IPO OF 2022

The insurance behemoth first declared it will separate its life and retirement division and float it as a new public company in 2020, allowing it to concentrate on its property and casualty operations.

Given their various shareholder return profiles, insurers are increasingly choosing to concentrate on a single product line. AIG has successfully resisted this trend for years, including a campaign by activist investors that called for a separation in the middle of the 2010s.

AIG filed for the Corebridge offering in March after selling a 10% share to private equity company Blackstone Inc (BX.N) for $2.2 billion last year. It initially intended to finish the listing by the end of June, but it postponed it because of market volatility. View More

The AIG subsidiary in Houston offers insurance and retirement products in the United States.

After the listing, AIG will hold roughly 78% of the company’s shares, with Corebridge trading under the symbol “CRBG” on the New York Stock Exchange.

The principal underwriters for the IPO are Piper Sandler Co., Morgan Stanley, and JPMorgan Chase & Co. The IPO’s principal underwriters also include Goldman Sachs, Citigroup, and Bank of America.