Bank IPO Kicks Off Below Expected Range

Banking, finance, and taxes

Published: May 2, 2013 10:15 am

Last Updated: April 27, 2020 5:17 pm

ING U.S. Inc. (NYSE: VOYA) held its initial public offering (IPO) today and the U.S. insurance arm of Dutch-based ING Groep N.V. (NYSE: ING) raised $1.27 billion at an IPO price of $19.50 a share for 65.2 million shares issued. That is the second-largest IPO in the United States so far this year, but it is a disappointment for ING, which had hoped to sell the shares in a range of $21 to $24. The company will rebrand itself as Voya Financial.

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.

Are You Ahead, or Behind on Retirement?

If you’re one of the over 4 Million Americans set to retire this year, you may want to pay attention. Many people have worked their whole lives preparing to retire without ever knowing the answer to the most important question: am I ahead, or behind on my goals?

Don’t make the same mistake. It’s an easy question to answer. A quick conversation with a financial advisor can help you unpack your savings, spending, and goals for your money. With Zoe Financial’s free matching tool, you can connect with trusted financial advisors in minutes.

Why wait? Click here to get started today!