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AXA Equitable shares fall below IPO price

AXA Equitable Holdings Inc.'s stock opened trading below its IPO price, and remained lower through at least its first hour of trading.

The company on May 9 priced its IPO at $20 per share, well below its expected range of $24 to $27.

The company at one point was projected to raise up to $4.26 billion from its IPO. At $20 per share, S&P Global Market Intelligence calculated a gross offering size of about $3.16 billion.

AXA Equitable's shares were down 0.17% to $19.97 as of 11:40 a.m. ET on May 10.