May 9, 2018 / 10:22 PM / 6 months ago

AXA's U.S. arm raises $2.75 bln in IPO, misses target -source

May 9 (Reuters) - French insurer AXA SA’s initial public offering (IPO) of its U.S. division priced at $20 per share on Wednesday, below its targeted range of $24-27 per share, raising about $2.75 billion, a person familiar with the matter said.

French insurer AXA offered 137.25 million shares in its U.S arm AXA Equitable Holdings in the IPO. The listing values the U.S. entity at $11.22 billion.

The source asked not to be identified ahead of an official announcement. A spokeswoman for AXA did not immediately respond to a request for comment. (Reporting by Joshua Franklin in New York, Editing by Rosalba O’Brien)

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