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American division of the French insurance company attracted 2.7 billion US dollars

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American division of the French insurance company attracted 2.7 billion US dollars
May 11
09:00 2018

Yesterday, AXA Group, one of the world’s largest insurance and investment companies, announced that it had raised $ 2.75 billion following the initial IPO.

Due to the initial share placement of its division Axa Equitable Holdings Inc. in the USA, the French insurer managed to sell 137.25 million shares at a price of 20 US dollars per unit. This let the company confidently consolidate its positions in the securities market. Last month, the company announced the issue of bonds worth about 750 million US dollars, which was estimated at 37.5 million shares.

According to the authoritative newspaper The Wall Street Journal, IPO did not cause the expected excitement from investors. Previously, securities that began yesterday’s bidding on the New York Stock Exchange were estimated at around $ 24-27 per unit.

Representatives of AXA reported that part of the proceeds from the IPO transaction would help finance the previously acquired asset XL Group Ltd. bought by the company for $ 15.3 billion.

To date, one of the oldest life insurers in the US has got a capitalization of about 11.2 billion US dollars.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

 

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