ING U.S. filed a follow-on offering with the SEC Monday to further reduce parent ING Group's 57% ownership stake in the firm, confirmed company spokesman Christopher Breslin.
The filing was made in connection with a potential public offering of ING U.S. common stock now held by ING Group.
ING U.S., which will rebrand as Voya Financial later this year, will not be issuing or selling common stock in the offering, nor will it receive any proceeds from the offering.
This filing corresponds with ING Group's plan to gradually divest its remaining stake in ING U.S. ING Group plans to own less than 50% of ING U.S. by the end of the year; less than 25% by the end of 2015; and to be fully divested by the end of 2016.
The final structure, timing, size and offer price for the potential offering have not been determined and are subject to market conditions and other factors.