AXA 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.
