U.S. IPO market braces for biggest deal of the year in AIG unit Corebridge Financial's $1.8 billion offering

The U.S. initial public offering market is bracing for what's expected to be the biggest deal of the year so far, that of the spin-off of AIG's life insurance unit Corebridge Financial , which is aiming to raise $1.8 billion. "At the expected deal size it'll represent over a quarter of all 2022 IPO proceeds," said Bill Smith, co-Founder and CEO of Renaissance Capital, a provider of institutional research and IPO exchange traded funds, in commentary. "J.P. Morgan is lead left, but there are 43 banks on the cover - the most in over a decade by our count." There are two other deals on tap, biotech Third Harmonic Bio, which is planning to raise up to $162 million, and Linkbancorp Inc. which operates Pennsylvania-based The Gratz Bank, and is aiming to raise up to $43 million. The Renaissance IPO ETF as fallen 42% in the year to date, while the S&P 500 has fallen 15%. b90p`

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