Company: AXA Equitable Holdings, Inc.
Symbol: EQH
Description: They are one of America’s leading financial services companies and have helped clients prepare for their financial future with confidence since 1859.
Trade Date: 5/10
Shares: 137.3 million
Price Range: $24.00-$27.00
Underwriter(s): Morgan Stanley, J.P. Morgan, Barclays, Citigroup. BofA Merrill Lynch, Credit Suisse, Deutsche Bank Securities, Goldman Sachs & Co. BNP PARIBAS, SOCIETE GENERALE, ING, Credit Agricole CIB, HSBC, Natixis, RBC Capital Markets
Co-Manager(s): Lazard, BBVA, COMMERZBANK, Mizuho Securities, MUFG, PNC Capital Markets LLC, SMBC Nikko, SunTrust Robinson Humphrey, UniCredit Capital Markets
Terms Added: 4-26-18
Business: Their approximately 12,200 employees and advisors are entrusted with more than $670 billion of assets under management through two complementary and well-established principal franchises, AXA Equitable Life and AllianceBernstein, providing:
Advice and solutions for helping Americans set and meet their retirement goals and protect and transfer their wealth across generations; and
A wide range of investment management insights, expertise and innovations to drive better investment decisions and outcomes for clients and institutional investors worldwide.
They believe that the growing and aging U.S. population, shift of responsibility for retirement planning from employers to individuals and overall growth in total investable assets will drive significant demand for their products and services going forward. Throughout their long history, they have embraced change and looked to the future, and they continue to see significant opportunities to find new solutions and new ways to deliver service to clients within their target markets.
They have a leading position at the intersection of advice, asset management and financial protection that they believe provides their clients with products and solutions that meet their long-term financial needs and their stockholders with attractive growth prospects.
Financials: Their total revenues were $8.34 billion, $13.08 billion, $10.08 billion,
$11.92 billion and $12.51 billion and their net income (loss) attributable to Holdings was ($1.40 billion), $1.64 billion, $333 million, $1.27 billion and $850 million in 2013, 2014, 2015, 2016, and 2017, respectively. The $422 million decrease in net income attributable to Holdings to $850 million for the year ended 2017 from $1,272 million for the year ended 2016 was primarily driven by lower investment gains of $2.2 billion mainly due to a non-recurring $1.9 billion realized gain on the sale of two real estate properties in New York City for the year ended 2016, and losses of $0.2 billion in 2017 mainly due to the disposal of their commercial-mortgage backed securities portfolio and the sale of U.S. treasury securities.
Book-Building Status: The way the book comes together during the week of the roadshow is the most critical indicator to first-day and first-week performance. IPO Boutique uses its 45 years of experience and sources all over the street to gather daily subscription levels, specific price guidance and what type of investors are currently in the book or are anchoring orders in the book. In addition, recent underwriter performance on sector specific deals is a strong factor that IPO Boutique takes into account when determining if our clients should indicate for any offering.
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Conclusion: IPO Boutique provides ratings, daily commentary and a forecast for how this IPO will open vs. its offering price. We have kept a track record with our performance for last 12 years at our website. Additionally, here’s a 2017 recap of our performance to showcase the value of IPO Boutique’s service.
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