ING U.S., Inc. said Tuesday that it has filed an amended Registration Statement on Form S-1 with the Securities and Exchange Commission in connection with its proposed initial public offering.
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 about 64.17 million shares of common stock offered, excluding an overallotment option ING Group has granted the underwriters.
Based on the price range, the total offering is expected to be about $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% immediately following the IPO.
ING U.S. has been approved to list its common stock on the New York Stock Exchange 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.
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