NEW YORK (AP) — ING U.S. Inc. says 65.2 million shares of the company will be sold for $19.50 each, raising about $1.3 billion in one of the year's biggest initial public offerings.
The per-share price is below an expected range of $21 to $24, but the offering's size is above the estimated 64.2 million shares.
ING U.S. is part of Dutch financial services provider ING Groep NV. The parent company is selling a minority stake in ING US as part of compensation measures demanded by the European Commission after ING received a bailout from the Dutch government in 2008.
ING U.S., with insurance, investment and retirement businesses, will rebrand itself as Voya Financial next year.
The shares are set to trade Thursday on the New York Stock Exchange under the symbol "VOYA."