Corebridge Financial Inc. CRBG, -1.26%, the life insurance unit of American International Group Inc. AIG, +0.27%, received a lackluster reception in its public debut, as the stock opened 2.4% the initial public offering price. The company said overnight that it’s IPO priced at $21 a share, at the low end of the expected range, as the company raised $1.68 billion in the biggest IPO in a rather down year for IPOs. The stock’s first trade Thursday was $20.50 at 1: 04 p.m. Eastern for 4.4 million shares. At that price, Corebridge was valued at about $13.22 billion. The stock has bounced slightly since the open, to trade 1.2% the IPO price. Corebridge’s debut comes at a time of relative investor disdain for IPOs, as the Renaissance IPO ETF IPO, -0.75% has tumbled 42.7% year to date while the S&P 500 SPX, -1.36% has declined 17.4%.
