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September 16, 2013 at 08:23 AM
ING U.S. Inc. has filed a statement with the SEC regarding a potential public offering of common stock currently held by ING Group. The move follows the company’s initial public offering (IPO) in May, in which it raised $600 million.
According to ING U.S., the company will not be issuing or selling common stock in this latest offering nor will it receive any proceeds.
Now in the process of rebranding as Voya Financial, a retirement, investment and insurance company, ING U.S. was previously the domestic subsidiary of Netherlands-based ING Group. ING U.S.’s IPO and changeover to Voya Financial was set in motion when an agreement was struck between ING Group and the European Commission in 2009 to have ING Group focus on banking and divest itself of insurance operations after a $12.71 billion cash infusion from the Dutch government.
According to the SEC registration statement, the proposed maximum aggregate offering price is $1 million. As of Sept. 12, the stock traded on New York State Exchange at $30.20 per share.
According to the company, this latest offering will be conducted at a later unspecified date. Further, the underwriters have agreed to waive the previous lock-up agreement by ING Group to not offer or sell its shares of ING U.S. for a 180-day period following ING U.S.’s IPO on May 1.
research activities. No acquisition price was revealed in the company statement.