July 2 (UPI) -- Initial public offerings, the process by which companies begin selling public shares, have expanded this year at a record pace, experts say.
So far this year, 120 companies have used IPOs to raise over $35 billion in capital on U.S. exchanges --the highest volume since 2012 and the busiest year-to-date on record. The largest offering was from AXA Equitable Holdings, spun off from its French former owner, which raised $2.7 billion. Financial technology company GreenSky and BJ's Wholesale Club were next on the list with $874 million and $638 million, respectively.