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AXA S.A. announces the pricing of the Initial Public Offering of AXA Equitable Holdings, Inc.

May 10, 2018
published at 3:00 AM CEST

AXA S.A. (“AXA”) announces today the pricing of the IPO of 137,250,000 existing shares of its U.S. subsidiary, AXA Equitable Holdings, Inc. (“AEH”), at a public offering price of USD 20 per share, corresponding to USD 2,745 million of proceeds. The offering consists of shares of common stock of AEH to be sold by AXA, as selling stockholder. The shares sold in the context of the IPO represent approximately 24.5% of the existing issued and outstanding shares* of AEH. The shares are expected to begin trading today on the New York Stock Exchange, under the ticker symbol “EQH”. The offering is expected to close on May 14, 2018.

In connection with the offering, AXA has granted the underwriters a 30-day option to purchase up to an additional 20,587,500 shares of common stock.

Morgan Stanley, J.P. Morgan, Barclays and Citigroup are acting as joint lead book-running managers and underwriters for the offering. BofA 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. Lazard is acting as financial advisor to AXA in connection with the offering.

A registration statement relating to the proposed IPO has been filed with, and declared effective by, the U.S. Securities and Exchange Commission. Copies of the registration statement may be obtained from: Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, New York 11717 or telephone: 866-803-9204; Barclays, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, email: Barclaysprospectus@broadridge.com or telephone: 888-603-5847; and Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or telephone: 800-831-9146.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

*Out of 561,000,000 total common shares

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