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The Wall Street Journal: AXA Equitable flops in largest IPO so far in 2018

The largest initial public offering of the year received a weak reception from investors as shares of insurer AXA Equitable Holdings Inc. 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 EQH, +1.70% 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.

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