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.
