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AXA Equitable prices year's biggest IPO - here's why you shouldn't expect a big pop


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AXA Equitable ( EQH ) has reportedly raised $2.75 billion in the year's largest IPO by pricing at $20. It originally targeted $3.50 billion. Instead of being the 6th-largest IPO of the past decade, AXA Equitable is the 12th-largest (see table below).

We typically see muted first-day gains from billion-dollar IPOs, companies in the financials sector, and IPOs that price below the range. In the past 10 years, nine IPOs in the financials sector have raised $1 billion or more. First-day returns ranged from -4% to 10%, for an average gain of 3% .

Institutional investors get our  full report and model on AXA Equitable with  IPO Intelligence .
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12 Largest US IPOs of the Past Decade
Issuer
 Sector Trade Date Deal
Size ($M)
Mkt Cap
at IPO ($M)
First Day
Return
1. Alibaba Group ( BABA )  Technology 09/19/14 $21,767 $175,476 38%
2. Facebook ( FB )  Technology 05/18/12 $16,007 $104,064 1%
3. General Motors ( GM )  Consumer 11/18/10 $15,774 $61,832 4%
4. Banco Santander Brasil ( BSBR )  Financials 10/07/09 $4,025 $50,444 -3%
5. HCA Holdings (HCA)  Health Care 03/10/11 $3,786 $16,516 3%
6.  Snap (SNAP) Technoloogy 03/02/17 $3,400 $24,128 44%
7. Citizens Financial (CFG)  Financials 09/24/14 $3,010 $12,040 7%
8. Santander Mexico (BSMX)  Financials 09/26/12 $2,902 $16,532 6%
3. Synchrony Financial (SYF)  Financials 07/31/14 $2,875 $19,116 0%
10. Kinder Morgan (KMI)  Energy 02/11/11 $2,865 $21,210 4%
11. Plains GP Hldgs LP (PAGP)  Energy 10/16/13 $2,816 $14,300 0%
12.  AXA Equitable ( EQH )  Financials  05/10/18 $2,750 $11,220 ?  


The article AXA Equitable prices year's biggest IPO - here's why you shouldn't expect a big pop originally appeared on IPO investment manager Renaissance Capital's web site renaissancecapital.com.

Investment Disclosure: The information and opinions expressed herein were prepared by Renaissance Capital's research analysts and do not constitute an offer to buy or sell any security. Renaissance Capital's Renaissance IPO ETF (symbol: IPO) , Renaissance International ETF (symbol: IPOS) , or separately managed institutional accounts may have investments in securities of companies mentioned.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.



This article appears in: News Headlines , IPOs
Referenced Symbols: EQH , BABA , FB , GM , BSBR



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