ING U.S. IPO moves forward
By National Underwriter
By Michael K. Stanley
ING U.S. is moving closer to fully rebranding into Voya Financial as the company announced they had filed an amended Registration Statement on Form S-1 with the Securities and Exchange Commission (SEC) related to its initial public offering (IPO).
ING U.S., the retirement investment management and insurance operations unit of the Netherlands-based ING Group will be operating completely as Voya Financial 18-24 months after the initial IPO and will be listed under the symbol “VOYA” on the New York Stock Exchange.
Although one IPO, there will be a primary component offered by ING U.S. and a secondary component offered by ING Group. Through the IPO, ING Group hopes to immediately bring its ownership of ING U.S. down by 25 percent while bringing in $1.4 to $1.5 billion.
The Shares will be priced between $21 and $24 each, giving ING U.S. an estimated value of $6.16 billion.
The development follows an agreement reached by ING Group and European Commission in 2009 to focus on banking and divest insurance operations in the wake of a $12.71 billion cash infusion by the Dutch government. ING Group will bring its ownership down to 50 percent in 2014.
Originally published on LifeHealthPro.com