ING’s U.S. operation, trading under the name Voya, saw its stock rise 7% in first day trading yesterday, closing at $20.84 per share.
Its opening price of $19.50, however, was lower than the announced price of $21-$24. Shares might have been muted due to Voya’s closed variable annuity and institutional spread business, which will be run separately, experts told Investment News. Nonetheless, it looks like ING’s patience in waiting for a more friendly IPO market paid off.
Pretax earnings for Voya were $1.1 billion, of which the retirement and investment business made up 74% — making it the fifth-largest DC record keeper by assets, second by plans and third by participants, according to P&I.
By 2016, Voya’s Dutch parent hopes to reduce its stake in the firm by 25%, Investment News reported.
