The largest initial public offering of the year received a weak reception from investors as shares of insurer AXA Equitable Holdings made their debut Thursday at a price well below earlier expectations, The Wall Street Journal reports. It showed that recent strength in the new-issue market is largely confined to the technology sector.

Shares of the US life-insurance and money-management arm of French insurer AXA rose 1.7% to $20.34 on the New York Stock Exchange after pricing at $20 apiece Wednesday night. That was a far cry from the range of $24 to $27 the company targeted in April. Since 2010, just 10% of US-listed IPOs have priced so far below the midpoint of their targeted range, according to Dealogic.