ING U.S., the American unit of premier retirement, investment and insurance company ING, announced terms for its IPO on Tuesday. The New York, NY-based company plans to raise $1.45 billion by offering 64.2 million shares (58% insider) at a price range of $21 to $24. The deal is structured so that ING U.S. will receive $600 million on the offering. At the midpoint of the proposed range, ING U.S. would command a market value of $5.8 billion.
ING U.S., which was founded in 1999 and booked $9.6 billion in revenue for the fiscal year ended December 31, 2012, plans to list on the NYSE under the symbol VOYA. The company is expected to rebrand as Voya Financial upon completion of the offering. Morgan Stanley, Goldman Sachs, Citi, BofA Merrill Lynch, Credit Suisse, Deutsche Bank and J.P. Morgan are the joint bookrunners on the deal.
