AXA Equitable Chairman Thomas Buberl, center, and AXA Equitable President and CEO Mark Pearson, right, at the New York Stock Exchange on Thursday. Photo: brendan mcdermid/ReutersThe largest initial public offering of the year received a weak reception from investors as shares of insurer AXA Equitable Holdings Inc. EQH 1.70% made their debut Thursday at a price well below earlier expectations, showing that recent strength in the new-issue market is largely confined to the technology sector. 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. Since 2010, just 10% of U.S.-listed IPOs have priced so far below the midpoint of their targeted range, according to Dealogic.

Source: Wall Street Journal May 10, 2018 20:37 UTC