Banking, finance, and taxes
Bank IPO Kicks Off Below Expected Range
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The IPO was imposed on the company as a condition of a €10 billion bailout from the Dutch government in 2009. Now that the IPO is completed, the parent company will once again be allowed to pay a dividend to stockholders.
ING U.S. will use net proceeds of about $568 million from the IPO to reduce the €7 billion or so of double-leveraged debt and to repay the remaining €2.2 billion loan from the Dutch government.
Shares are trading up about 0.5% at $19.55 after the first half-hour of trading today.
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