ING Groep NV will sell a 25 percent stake in its U.S. subsidiary ING U.S., the Netherlands-based company announced Wednesday.
The proposed initial public offering (IPO) of stock, which is expected to raise between $1.4 billion and $1.5 billion, is part of a measure required by the European Commission after ING received a bailout from the Dutch government in 2008.
ING U.S., which last week announced that it will rebrand itself as Voya Financial, has been approved to list its common stock on the New York Stock Exchange, subject to official notice of issuance, under the symbol "VOYA" to reflect the new brand name. The company plans to transition to the new name beginning next year.
"The Voya name reminds us that a secure financial future is about more than just reaching a destination. Preparing for it should be like taking a voyage and having positive experiences along the way," said Ann Glover, chief marketing officer of ING U.S., in an April 11 release. The name also brings to mind bright, vivid colors and will incorporate the use of orange, she said.
Following the proposed IPO, ING Group intends to divest its remaining stake in ING U.S. over time, as previously agreed with the European Commission, the company said in a release.
The proposed IPO will consist of both a primary component offered by ING U.S. and a secondary component offered by ING Group at a currently estimated price range of $21 to $24 per share. ING Group plans to use the proceeds of the secondary offering to pay down debt, it said.
ING's Des Moines office at 909 Locust St. provides support primarily for the company's annuities operations. It employs about 450 people locally.