ING U.S., upon completion of their initial public offering and their subsequent transformation into Voya Financial, has received $600 million in new capital and a greater ability to access additional funds.
Although the IPO fell short of the 1.4 billion the company forecasted, it was the second largest IPO in the U.S. this year and Moody’s investor service views it as a credit positive.
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 from now and is listed under the symbol “VOYA” on the New York Stock Exchange.
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 zero percent by 2016.