By Paula Aven Gladych
ING U.S. Inc. has filed an amended registration statement for its IPO with the Securities and Exchange Commission, saying it plans to price its shares between $21 and $24 each, valuing the company at more than $6 billion.
The proposed IPO will consist of both a primary component offered by ING U.S. and a secondary component offered by Netherlands-based ING Group for a maximum of 64,166,667 shares of common stock
Based on this price range, the total offering is expected to raise $1.4 billion to $1.5 billion, including $600 million in primary proceeds for ING U.S., and will reduce ING Group’s ownership in ING U.S. to 75 percent.
The company has been approved to list its common stock on the New York Stock Exchange under the symbol VOYA, which reflects the new brand name of Voya Financial.
ING U.S. had $461 billion in total ,a href="http://www.producersweb.com/r/pwebmc/d/contentFocus/?pcID=b5a3df13d08102ad1404adbf6b8ae19a" target="_new">assets under management and assets under administration as of Dec. 31. It reported net income of $473 million last year.
Morgan Stanley & Co. LLC, Goldman, Sachs & Co., and Citigroup Global Markets Inc. are acting as global coordinators for the offering. Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank Securities, and J.P. Morgan are acting as joint book-running managers for the offering.
Originally published on BenefitsPro.com