ING Details IPO Proposal for U.S. Unit
Apr 16th 2013 8:58PM
Updated Apr 17th 2013 3:15AM
ING Groep has filed a preliminary prospectus for its American subsidiary, ING U.S, in its ambition to float an IPO of the unit. The offering will have two components, a primary one offered by the subsidiary and a secondary one from the parent. The price range is estimated at $21-$24 per share.
ING Groep anticipates that the IPO will bring in total proceeds of $1.4 billion-$1.5 billion, with ING U.S. taking in around $600 million and the parent entity the remainder.
The company said it will use the proceeds from the secondary issue to pay down the parent firm's debt. Following the two offerings, ING Groep's stake in ING U.S. will be further reduced to roughly 71%.
Morgan Stanley, Goldman Sachs, and Citigroup's Global Markets unit will be the joint book-running managers for the issue.
The article ING Details IPO Proposal for U.S. Unit originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Goldman Sachs, and owns shares of Citigroup. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.