Sovereign-wealth funds from Singapore and Kuwait have submitted indications of interest in the $9 billion stock offering by American International Group Inc. and the U.S. Treasury, according to people familiar with matter.
The indications by the Government of Singapore Investment Corp., known as GIC, and the Kuwait Investment Authority, or KIA, were conveyed before the start of a 10-day roadshow promoting that offering, one of the people said. The indications aren't binding.
The roadshow for the "re-IPO," which began about a week ago, includes stops in Boston on Wednesday and California and Texas on Thursday and Friday; it concludes with Minneapolis, Kansas City and Chicago next Monday and Tuesday. The 300-million-share issue, due to be priced around May 24, would reduce the U.S. Treasury stake in AIG from 92.1% to roughly 80%.
The government took control of AIG in the fall of 2008 as part of efforts to forestall a meltdown of the financial system. The U.S., which paid an average of $28.70 for its shares, hopes to sell down the entire stake at a profit over the next year or more.
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