The Rising Influence of Rising Affluence

[DewDiligence]

EQH—Axa’s US subsidiary—completes tepid IPO:

https://www.wsj.com/articles/axa-equitable-flops-in-largest-ipo-of-the-year-1525984876?mod=ITP_businessandfinance_0

Shares of the U.S. life-insurance and money-management arm of French insurer AXA SA rose 1.7% to $20.34 on the New York Stock Exchange after pricing at $20 apiece Wednesday night. That was a far cry from the range of $24 to $27 the company targeted in April.

The offering still raised $2.75 billion, making it the biggest new issue on a U.S. exchange this year by proceeds and the largest since Snap Inc.’s $3.9 billion debut in March 2017. It valued AXA Equitable Holdings at $11.2 billion…

I generally avoid being a minority shareholder, and this case is no exception. (In other words, I’ll pass.)