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AXA Unveils Plans To Raise $3.5B In Largest IPO In Years

Law360 (April 26, 2018, 7:19 PM EDT) -- French insurance and financial giant AXA SA unveiled plans Thursday to raise roughly $3.5 billion with the initial public offering of U.S. unit AXA Equitable Holdings Inc., setting the stage for the largest American IPO in years.

AXA Equitable, which has hired Debevoise & Plimpton LLP as counsel, plans to sell more than 137 million shares, with an estimated price range of $24 to $27 a share, according to a securities filing. AXA Equitable could sell another 20.6 million shares to the offering’s underwriters, who are advised by Sullivan & Cromwell LLP, the document said.

Going by the midpoint of $25.50...

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