It came as no surprise that AIA Group priced its Hong Kong initial public offering at the top of the range as the global coordinators had been steering investors towards the maximum price for at least a week. The crucial issue instead was whether the Asian life insurance arm of US-based American International Group AIG would also be able to exercise its 20% upsize option desired by investors because it would increase the free-float and reduce the influence of its US government-controlled parent and coveted by AIG because it would have more money to repay the government bailout it received in 2008.
And when it emerged that the total demand, including the cornerstone tranche,...
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