ING U.S. Inc. has filed an amended registration statement forits IPO with the Securities and Exchange Commission, saying itplans to price its shares between $21 and $24 each, valuing thecompany at more than $6 billion.
|The proposed IPO will consist of both a primary componentoffered by ING U.S. and a secondary component offered byNetherlands-based ING Group for a maximum of 64,166,667 shares ofcommon stock.
|Based on this price range, the total offering is expected toraise $1.4 billion to $1.5 billion, including $600 million inprimary proceeds for ING U.S., and will reduce ING Group’sownership in ING U.S. to 75 percent.
|The company has been approved to list its common stock on theNew York Stock Exchange under the symbol VOYA, which reflects thenew brand name of Voya Financial.
ING U.S. had $461 billion in total assets under management andassets under administration as of Dec. 31. It reported net incomeof $473 million last year.
Morgan Stanley & Co. LLC, Goldman, Sachs & Co., andCitigroup Global Markets Inc. are acting as global coordinators forthe offering. Bank of America Merrill Lynch, Credit Suisse,Deutsche Bank Securities, and J.P. Morgan are acting as jointbook-running managers for the offering.
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