AXA Equitable Holdings Inc.'s IPO of 137,250,000 common shares has been priced at $20 apiece.
The share price was expected to be between $24 and $27.
The offering will consist of AXA Equitable Holdings common shares to be sold by Axa as selling shareholder. The selling shareholder granted the underwriters a 30-day option to purchase up to an additional 20,587,500 shares.
Based on the per-share price and assuming full exercise of the underwriters option, S&P Global Market Intelligence calculates a gross offering size of about $3.16 billion. Earlier reports had said that Axa's U.S. IPO could raise up to $4.26 billion.
AXA Equitable Holdings will not receive any proceeds from the sale of shares by the selling shareholder.
The shares are expected to begin trading on the New York Stock Exchange on May 10 under the ticker symbol EQH.
The offering is expected to close May 14.
Morgan Stanley, J.P. Morgan, Barclays and Citigroup are acting as joint lead book-running managers and underwriters for the offering. Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank Securities, Goldman Sachs & Co. LLC, BNP Paribas, Societe Generale, ING, Credit Agricole CIB, HSBC, Natixis and RBC Capital Markets acted as joint book-running managers and underwriters for the offering.