Tags: Dutch | Insurer | ING | IPO

Dutch Insurer ING Plans $1.5 Billion IPO for US Arm

Tuesday, 16 Apr 2013 05:18 PM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
ING U.S. Inc., the American insurance unit of ING Groep NV, plans to raise as much as $1.54 billion in an initial public offering as its Dutch parent focuses on operations at home.

The unit and its parent are offering 64.2 million shares for $21 to $24 apiece, the company said Tuesday in a regulatory filing. The Amsterdam-based parent will own 75 percent of ING U.S. after the IPO, the filing showed. The U.S. unit plans to change its name to Voya Financial following the IPO.

At the midpoint of the range, ING U.S.’s market value would be about $5.78 billion, according to data compiled by Bloomberg. ING Groep, which has to sell the unit by year-end under the conditions of its 2008 bailout, aims to complete the sale after U.S. stocks have risen to record levels and volatility in the market has subsided.

At the top of the price range, ING U.S.’s IPO would be the second-largest in the U.S. this year, behind the $2.6 billion initial offer by Pfizer Inc.’s animal-health unit Zoetis Inc. in January, data compiled by Bloomberg show.

Depending on the final price of the offering, the number of shares sold by the parent and unit will be adjusted to make the unit’s gross proceeds equal to $600 million, the filing showed. The company plans to list on the New York Stock Exchange under the symbol VOYA.

ING U.S. offers life insurance, savings products and annuities, and had about 13 million customers as of Dec. 31 according to a regulatory filing. Rivals including MetLife Inc., the largest U.S. life insurer, and Prudential Financial Inc, ranked No. 2.

Interest rates near record lows have pressured profits at life insurers, which invest premiums from clients in bonds and other assets. Slow economic growth in the U.S. and Europe has pressured sales, Moody’s Investors Service said in a January report.

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web

Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 

You May Also Like
Around the Web

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved