The company sold its shares for $20 apiece ahead of its listing on the New York Stock Exchange on Thursday, giving it a market value of $11.2 billion -- though this fell well short of its targeted range of between $24 and $27 per share.

It was still however the biggest IPO of 2018, ahead of Baidu spin off iQiYi which raised $2.25 billion on the tech-rich Nasdaq in March.

The money raised will be used for the purchase of Bermuda-based XL, a specialist in business insurance, for around $14.2 billion.

Axa's US subsidiary raises $2.75 bn in 2018's biggest IPO

Axa Equitable Holdings, the US subsidiary of French insurance giant Axa, raised $2.75 billion on Wall Street on Wednesday in 2018's biggest initial public offering.