AXA Equitable’s $2.7B offering is year’s largest IPO

By John Filar AtwoodFinancial planning and management company AXA Equitable Holdings completed 2018’s largest IPO to date last week, raising $2.74 billion in its public market debut. The company was the third new issuer of the year to top $2 billion in offering proceeds, along with PagSeguro Digital ($2.26 billion) and iQIYI ($2.25 billion). Snap’s $3.4 billion offering was the only IPO that surpassed $2 billion in proceeds last year. AXA Equitable was one of four companies that completed IPOs last week. China’s HUYA began trading, and was the tenth Chinese company to complete an IPO in U.S. markets in 2018. Non-U.S. companies now account for 27 percent of the year’s IPOs. Origin Bancorp was the third state commercial bank to go public in the past two weeks. It was the second IPO company this year that is headquartered in Louisiana, which produced no new issuers in 2016 and 2017. Evelo Biosciences raised $85 million in the week’s other deal. Morgan…

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