Boston, MA 04/12/2013 (wallstreetpr) – ING Groep N.V (AMS:INGA) (Current: $5.95, Down by 1.94%)’s American insurance unit, ING U.S Inc. is planning in going public. The company is distancing itself from its parent-company and the business will now be called Voya Financial. In November, ING U.S filed for an IPO and said that it will be using the ticker symbol VOYA. The unit is being taken public in order to satisfy the conditions that had been laid out in its 2008 bail-out. It had committed to sell its U.S online bank, insurance operations and one Dutch mortgage lender by the end of 2013.
Excellent financial guidance
The unit is led by Rodney Martin who was previously with American International Group Inc and ING U.S is in straight competition with Metlife Inc (NYSE:MET) (Closed: $37.38, Down by 0.77) and Prudential Financial Inc (NYSE:PRU) (Closed: $57.64, Down by 0.38%). In a statement the company said that a larger number of Americans today are facing the responsibility of planning and saving for their retirement and ING U.S aims at guiding and helping then to be more financially prepared. Last week, the company said that its gross proceeds from the Initial Public Offering are expected to be around $600 million. The recession had taken its toll on a large number of companies and even many well-established and seemingly-stable companies had not gone unscathed.
The sale is being led by biggies such as Goldman Sachs Group Inc., Morgan Stanley and Citigroup Inc and the company is expecting to be listed on the New York stock exchange.
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