AXA's U.S. Subsidiary Seeks $2.75 Billion in IPO -- Update
May 10 2018 - 2:16AM
Dow Jones News
(Adds valuation, background.)
By Max Bernhard
AXA Equitable Holdings Inc., the subsidiary of French insurance
giant AXA SA (CS.FR), is seeking proceeds of $2.75 billion in its
IPO of 137.25 million existing shares, priced at $20 each, AXA said
Thursday.
AXA Equitable Holdings had earlier set an initial price range
for the IPO of between $24 and $27 a share.
The company starts trading Thursday on the New York Stock
Exchange and the offering is expected to close on May 14, AXA
said.
The IPO pricing would value the U.S. unit at roughly $11.2
billion, and AXA said it plans to sell about 25% of its
subsidiary's existing issued and outstanding shares.
AXA could use some of the proceeds of the IPO to help finance
its planned $15.3 billion acquisition of insurer XL Group Ltd. The
deal, which was announced by AXA in March, would create one of the
world's largest property and casualty insurers.
AXA Equitable Holdings was founded in New York in 1859, making
it one of America's oldest life insurers.
Write to Max Bernhard at Max.Bernhard@dowjones.com;
@mxbernhard
(END) Dow Jones Newswires
May 10, 2018 02:01 ET (06:01 GMT)
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