U.S. initial public offerings have the seismic changes in the insurance industry to thank for 2018s biggest share sale.
Axa Equitable Holdings Inc. aims to raise as much as $3.7 billion in its IPO, which is expected to price after the market closes on Wednesday. The business is made up of the U.S. operations of Europes second-largest insurer, Axa SA, including its U.S. Life & Savings unit and a 64 percent stake in money manager AllianceBernstein Holding LP.
The deal is poised to eclipse the two biggest U.S. listings this year, according to data compiled by Bloomberg. Pagseguro Digital Ltd. sold $2.6 billion in stock in January and iQiyi Inc. sold $2.4 billion in March.
For the parent company, the deal repre…
Read the full article at: https://www.bloomberg.com/news/articles/2018-05-09/insurance-s-great-restructuring-seeds-2018-s-biggest-u-s-ipo