In its SEC S-1 filing, ING has set its stock price at $21-$24 per share when it rebrands to Voya. The offering should yield $1.4-$1.5 billion. ING’s Dutch parent will get $600 million in primary proceeds, reducing its ownership to 75%. The IPO will consist of two parts, with the international offering following the sale of U.S. assets. Voya will consist of retirement, investment management and insurance, and will not include ING’s closed VA business or institutional spread products.
ING’s timing seems to be fortuitous, with both the market and the firm’s 2012 net income soaring. With very few insurance IPOs of this size in recent years, it’s hard to compare Voya to other IPOs. Win, lose or draw, a degree of uncertainty hanging over ING’s retirement business — which may have been hurting them, especially in the large and mega markets— has been removed, so the firm’s future will continue to become clearer with each step forward.
