At least two initial public offerings were withdrawn during Tuesday’s brutal stock market rout, casting a shadow over what’s expected to be the year’s biggest deal, the $1.8 billon offering from AIG’s life insurer Corebridge Financial Inc.
The decisions came as the Dow Jones Industrial Average DJIA, -0.56% shed 1,300 points Tuesday to mark its worst one-day performance since June 11 of 2020, following an unexpectedly hot consumer-price inflation reading for August. In a sign of just how thin the market has been, the deal, if completed as planned, would account for more than a quarter of this year’s overall proceeds.
The company is planning to pay quarterly dividends, offering a 4.1% annualized yield at the midpoint of its range, according to Renaissance co-Founder and CEO Bill Smith. It had $358 billion in client assets as of June 30.Linkbancorp Inc. LNKB, +3.87%, which operates Pennsylvania-based The Gratz Bank, priced its public offering on Tuesday at $7.50 a share, below its price range of $8.00 to $9.50. That offering was an uplisting to the Nasdaq from the OTC market. The stock was up 2.
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