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AIG Raises $17.8 Billion in Record Hong Kong Offering

American International Group Inc. raised a record HK$138.3 billion ($17.8 billion) in the Hong Kong initial public offering of its main Asian unit, putting the bailed-out insurer on course to repay its U.S. assistance.

AIG sold 7.03 billion shares in AIA Group Ltd., or a 58 percent stake, at HK$19.68 each, the New York-based insurer said today in a filing. That makes it the largest Hong Kong public offering, exceeding the $16 billion raised by Industrial & Commercial Bank of China Ltd. in 2006, according to data compiled by Bloomberg. The AIA shares may begin trading on the Hong Kong Stock Exchange on Oct. 29, AIG said.