ING U.S. priced its proposed initial public offering at $21 to $24 per share, according to a filing with the SEC.
Based on this price range, the total offering is expected to be about $1.4 billion to $1.5 billion, including $600 million in primary proceeds for ING U.S., ING said in a news release. The IPO will reduce Dutch parent ING’s stake in its U.S. business to 75%.
The date of the IPO was not announced, said Dana Ripley, ING spokesman.
ING U.S. comprises ING’s U.S.-based retirement, investment and insurance business. It will be rebranded as Voya Financial beginning in 2014, and its shares will trade on the NYSE under the symbol VOYA.
Morgan Stanley, Goldman Sachs and Citigroup Global Markets are global coordinators for the offering. Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank Securities, and J.P. Morgan Chase are acting as joint book-running managers for the offering.