AXA Equitable Flops in Largest IPO of the Year

French insurer AXA SA received a weak reception from investors when shares rose 1.7% to $20.34 on the New York Stock Exchange, a far cry from the range of $24 to $27 the company targeted in April.

Since 2010, just 10% of U.S.-listed IPOs have priced so far below the midpoint of their targeted range, according to Dealogic.

The offering still raised $2.75 billion, making it the biggest new issue on a U.S. exchange this year by proceeds and the largest since Snap Inc.’s $3.9 billion debut in March 2017. It valued AXA Equitable Holdings at $11.2 billion compared with roughly $20 billion for Snap at the disappearing-message service’s IPO price.

The Wall Street Journal

Continue Reading

Leave a Reply