Deals
Axa's Lackluster U.S. IPO Fails to Impress Wary Investors
- Shares start slow in trading debut after pricing below target
- IPO seen as adding to concern about $15.3 billion XL buyout
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Axa Equitable Holdings Inc. dropped as much as 2.5 percent in its trading debut after its initial public offering -- the biggest in the U.S. this year -- fell almost $1 billion shy of its target.
After trading below the offering price for most of Thursday, the shares edged up 1.4 percent to $20.28 at 2:23 p.m. in New York. Axa Equitable Holdings, which includes the U.S. operations of French insurance giant Axa SA, raised $2.75 billion, selling 137.25 million shares for $20 each. Initially, the company had tried to get investors to buy the stock at a range of $24 to $27 a share.