Axa Equitable Holdings Inc. announced that the secondary public offering of 40 million of its common shares by Axa was priced at $20.50 per share.

The underwriters were given an option to purchase up to an additional 6 million common shares. The offering is expected to close March 25.

Axa Equitable will not receive any proceeds from the sale of shares. In connection with the offering, the company expects to buy back 30 million of its common shares from Axa. The purchase price will be equal to the per-share purchase price paid by the underwriters in the secondary offering, corresponding to an aggregate of approximately $600 million.

J.P. Morgan, Morgan Stanley and Citigroup are serving as joint lead book-running managers and underwriters for the offering. Barclays, BNP Paribas, Credit Agricole CIB, Deutsche Bank Securities, Goldman Sachs & Co. LLC, HSBC, Natixis, Société Générale, Credit Suisse, ING and UniCredit Capital Markets acted as joint book-running managers and underwriters.