US Arm of Axa Misses Funding Target in IPO

​In the largest IPO since Snap’s IPO in March 2017, French insurer Axa took its US arm of holdings public but missed its anticipated target by $1 billion. In other news, the fifth largest asset-based truckload carrier announced plans to go public again after being taken private in 2007.

• Truckload Carrier U.S. Xpress Enterprises filed last week to go public for a second time. U.S. Xpress, which was taken private in 2007 after going public in 1994, is the fifth largest asset-based truckload carrier in the US by revenue, with over $1.5 billion in operating revenue in 2017. The company operates 6,800 tractors and approximately 16,000 trailers. The company plans to file for the ticker “USX.”
  

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• French insurer Axa’s US arm, Axa Equitable Holdings, began trading last Thursday, raising $2.75 billion in 2018’s largest IPO. The company, which sold 137.25 million shares at $20 per share, missed its anticipated goal of $3.75 billion at $24 to $27 per share. The IPO is anticipated to help the company fund its acquisition of XL Group for $15.3 billion.