Reuters: Global Markets: Shares of ING U.S. up slightly in New York Stock Exchange debut

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Shares of ING U.S. up slightly in New York Stock Exchange debut May 2nd 2013, 14:32 By Olivia Oran Thu May 2, 2013 10:32am EDT (Reuters) - Shares of ING U.S. Inc (VOYA.N) were up slightly in their New York Stock Exchange debut on Thursday after opening down 1 percent. Shares exchanged hands at $19.59 in early trading after opening at $19.25 as the company, an affiliate of Dutch financial services company ING Groep NV (ING.AS), raised $1.3 billion in its initial public offering. ING U.S. sold more shares than expected but at a lower price. The company sold 65.2 million shares at $19.50. It had intended to sell 64.2 million shares in a range of $21 to $24 each. The shares were offered by both ING U.S. and its parent. The proceeds for ING U.S. from the offering are intended to be about $600 million. ING Groep's ownership in ING U.S. falls to 75 percent after the IPO. The parent will shed the rest of its stake by 2016. ING Groep has divested several of its businesses around the world and announced thousands of job cuts as it prepared to separate its banking and insurance operations under the terms of a state bailout. The group received a 10 billion euro ($12.71 billion) capital infusion from the Dutch government in 2008 and has been selling assets to repay the bailout. ING U.S. provides insurance, retirement and investment services and competes with companies like MetLife Inc (MET.N) and Prudential Financial Inc (PRU.N). The company has said it will undergo a rebranding following the IPO, including a name change to Voya Financial by 2014. Morgan Stanley (MS.N), Goldman Sachs Group Inc (GS.N) and Citigroup Inc (C.N) are leading the IPO. (Reporting by Olivia Oran; Editing by Gerald E. McCormick and Nick Zieminski) Link this Share this Digg this Email Reprints

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