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 $1 billion or more. First-day returns ranged from -4% to 10%, for an average gain of 3%.
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| 12 Largest US IPOs of the Past Decade | |||||
|---|---|---|---|---|---|
| Issuer |
Sector | Trade Date | Deal Size ($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 | ? |
