AIA Shares Soar 17% in Trading Debut

AIA Group shares rose as much as 17% in their debut Friday in Hong Kong.
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HONG KONG (

TheStreet

) --

AIA Group

shares rose as much as 17% in their debut Friday in Hong Kong.

The initial public offering of AIA,

American International Group's

(AIG) - Get Report

Asian life insurance business, saw the company's market share rise to more than $35.5 billion.

AIA shares Friday traded as high as HK$23.05; the IPO price was HK$19.68.

The estimated $17.8 billion proceeds from the AIA IPO reportedly mark the biggest stock sale in the Hong Kong Exchange's history.

AIG plans to use the proceeds from the offering to help repay about $120 billion of bailout funds it received from the U.S. government.

-- Written by Joseph Woelfel

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Joseph Woelfel

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