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.