Credit: Shutterstock photoAXA Equitable Holdings, the US operations of life insurance and asset management firm AXA, announced terms for its IPO on Thursday.
The New York, NY-based company plans to raise $3.5 billion by offering 137.3 million shares (100% insider) at a price range of $24 to $27. At the midpoint of the proposed range, AXA Equitable Holdings would command a market value of $14.3 billion.
If the company raises $3.5 billion as expected, it would be the largest US IPO since Alibaba in September 2014.
AXA Equitable Holdings was founded in 1859 and booked $12.5 billion in sales for the 12 months ended December 31, 2017. It plans to list on the NYSE under the symbol EQH. Morgan Stanley, J.P. Morgan, Barclays, Citi, BofA Merrill Lynch, Credit Suisse, Deutsche Bank, Goldman Sachs, BNP Paribas, Societe Generale, ING, Credit Agricole CIB, HSBC Corporation, Natixis and RBC Capital Markets are the joint bookrunners on the deal. It is expected to price during the week of May 7, 2018.
The article AXA Equitable sets terms for $3.5 billion IPO; year's largest IPO to date 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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
