AIA Group Ltd. (1299.HK), the pan-Asian life-insurance business of American International Group Inc. (AIG) seeking to raise up to US$20.5 billion from an initial public offering, has received US$120 billion in orders for investors so far, a person familiar with the deal said Wednesday, indicating the deal could be priced at the top of an indicative range.

AIA is selling 5.86 billion shares in a range of HK$18.38-HK$19.68 a share, which could raise up to US$14.98 billion in the base deal.

If it exercises the sale of 1.17 billion shares in an upsize option, and a further 1.05 billion shares in an overallotment, it would raise US$20.57 billion, making it the second-biggest IPO globally this year after Agricultural Bank of China Ltd.'s (1288.HK) record US$22.1 billion dual listing in Hong Kong and Shanghai in July.

AIA, which AIG is listing to help repay U.S. taxpayers after a 2008 bailout, is slated to list in Hong Kong on Oct. 29.

Citigroup Inc. (C), Deutsche Bank AG (DB), Goldman Sachs Group Inc. (GS) and Morgan Stanley (MS) are the joint global coordinators for the AIA IPO. AIA has hired a total of 11 bookrunners to market the offer.

-By Nisha Gopalan, Dow Jones Newswires; 852-2832-2343; nisha.gopalan@dowjones.com