NEW YORK, N.Y. – Shares of ING U.S. Inc. rose slightly in their first day of trading following the company’s $1.3 billion initial public offering.
ING U.S. sold 65.2 million shares for $19.50 each, making the IPO one of this year’s biggest. The offering’s underwriters also have the option of buying an additional 9.8 million shares at the IPO price.
ING U.S. is part of Dutch financial services provider ING Groep NV. The parent company is selling a minority stake in ING U.S. as part of compensation measures demanded by the European Commission after ING received a bailout from the Dutch government in 2008.
When completed, the offering will reduce ING Group’s stake in the company to 75 per cent, or 71 per cent if the underwriters’ option is exercised in full.
ING U.S., with insurance, investment and retirement businesses, will rebrand itself as Voya Financial next year.
The shares are trading on the New York Stock Exchange under the ticker symbol “VOYA.”
In midmorning trading, they were up 35 cents to $18.85 after rising as high as $20.18 earlier,