ING U.S announced tuesday that it has filed an amended Registration Statement on Form S-1 with the Securities and Exchange Commission (SEC) in connection with its proposed initial public offering (IPO).
The proposed IPO will consist of both a primary component offered by ING U.S. and a secondary component offered by Netherlands-based ING Group at a currently estimated price range of $21.00 to $24.00 per share for a maximum of 64,166,667 shares of common stock offered, excluding an overallotment option ING Group has granted the underwriters. Based on this price range, the total offering is expected to be approximately $1.4 billion to $1.5 billion in size, including $600 million in primary proceeds for ING U.S., and will reduce ING Group’s ownership in ING U.S. to 75 percent immediately following the IPO.
ING U.S.’s amended Registration Statement also includes preliminary qualitative statements on its first quarter financial results.
ING U.S. has been approved to list its common stock on the New York Stock Exchange, subject to official notice of issuance, under the symbol “VOYA,” which reflects the new brand name of Voya Financial that ING U.S. recently announced it will transition to beginning in 2014.
Morgan Stanley & Co. LLC, Goldman, Sachs & Co., and Citigroup Global Markets Inc. are acting as joint global coordinators for the offering. Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank Securities, and J.P. Morgan are acting as joint book-running managers for the offering.