Axa’s US subsidiary raises $2.75 billion in IPO

New York (AFP) – Axa Equitable Holdings, the US subsidiary of French insurance giant Axa, raised $2.75 billion in its initial public offering Wednesday, falling well short of expectations.

The company sold its shares for $20 apiece ahead of its listing on the New York Stock Exchange on Thursday. It had targeted a range of between $24 and $27.

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