ING U.S. IPO could value company at about $6 billion

Reuters

Dutch financial services group ING Groep NV's unit ING U.S. plans to price shares in its IPO at between $21 and $24 each, valuing the company at up to $6.16 billion in what could be one of the biggest offerings this year.

After the IPO, which could raise as much as $1.54 billion, ING Group's ownership in ING U.S. will reduce to 75 percent as it complies with a European Union mandate to split its businesses.

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ING Groep is splitting its banking and insurance operations as part of a restructuring deal with the European Commission, turning into a smaller Europe-focused bank.

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. It sold its U.S. online banking business ING Direct for nearly $9 billion to Capital One Financial Corp in 2011.

ING U.S. is looking to sell 64.2 million shares of common stock, the company said in a regulatory filing on Tuesday. (http://r.reuters.com/nap47t)

The IPO will consist of a primary component offered by ING U.S. and a secondary component offered by the parent, the company said in a statement. ING U.S.'s proceeds from the offering are intended to be about $600 million.

The company announced plans to go public in November, filing for a placeholder amount of $100 million.

It announced last week that it expects to rebrand as Voya Financial following the offering.

The company has received approval to list its common stock on the New York Stock Exchange under the symbol "VOYA".

Morgan Stanley is the "lead-left" underwriter for the offering, with Goldman Sachs & Co and Citigroup among the lead bookrunners in a 24 bank syndicate.

(Reporting by Aman Shah in Bangalore; Editing by Don Sebastian)