On Monday, American International Group Inc.'s pan-Asian life insurance unit AIA Group Ltd. started keeping a track on the demand as its is heading to list its initial public offering on Honk Kong stock exchange.

The Company will raise funds somewhere around $10 billion to $15 billion, which would make it the world's second-biggest IPO for the current year, after Agricultural Bank of China Ltd.'s IPO of $22.1 billion. An IPO has been planned to raise, as AIA wants to repay the bailout funds it received from the Government two years back, out of taxpayers' money.

According to a term sheet seen by Dow Jones Newswires on Monday, the Company won't be listing new shares for the proposed IPO to be listed in Hong Kong on October 29. The presentation of investors will begin on October 5 and the pricing will be finalized on October 21. For the IPO listing, AIG's shares in AIA will be imposed a six-month lockup period.

Initially, Prudential PLC raised its bid worth $35.5 billion to acquire AIA, which didn't get success. As a result, AIA had to plan for an IPO. The 9% gain experienced by Hong Kong's benchmark index in the past three months, has also been considered as the one of the reasons to list an IPO.

For the upcoming IPO, AIA has 11 bookrunners, as told by the sources acquainted with the matter, while Agricultural Bank of China had 10 bookrunners.