ING U.S., Inc. said Wednesday that it has priced its initial public offering of about 65.2 million shares of common stock at a price to the public of $19.50 per share, which is below the previously estimated range of $21.00 to $24.00 per share. The shares are expected to begin trading on the New York Stock Exchange on Thursday, May 2 under the symbol "VOYA."
ING U.S. has announced that it will rebrand to Voya Financial beginning in 2014. Closing of the offering is expected to occur on May 7.
The IPO consists of both a primary component offered by ING U.S. and a secondary component offered by Netherlands-based ING Groep N.V.. Prior to the closing of the offering, ING U.S. is a wholly owned subsidiary of ING Group.
Based on the final price, and prior to any exercise by the underwriters of their option to purchase additional shares, the total offering is about $1.3 billion in size and will reduce ING Group's ownership in ING U.S. to 75% immediately following the IPO.
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