Dutch financial services group ING GROEP NV (ING.AS) units ING United States plans its initial public offering price of shares between $ 21 and $ 24 each, the valuation of the company at up to $ 616 million in what may be the second largest public this year.
The IPO could raise as much as $ 1.54 billion. Pfizer (PFE.N), Animal Health Unit Zoetis (ZTS.N), in its February IPO raised $ 220 million.
, "Morningstar analyst Levenson, said:" The price is a little in line with what management had previously said that in view of the current environment, this could be a possible price.
Initial public offering, ING Group owns ING United States will be reduced to 75%.
ING Group is a division of banking and insurance business as part of the restructuring agreement with the European Commission into a smaller Euro-centric bank.
Group in 2008 from the Dutch government capital injection of 10 billion euros (12.71 billion U.S. dollars), and has been selling assets to repay the bailout. The sale of its U.S. online banking business of ING Direct in 2011 to nearly $ 90 billion, Capital One (COF.N).
ING, insurance, retirement and investment services, is expected to IPO disposal of 64,200,000 ordinary shares, the company said on Tuesday in a regulatory filing. (R.reuters.com/nap47t)
The company has a large loss in 2008, is a type of company that could cause investors to large risk, "Jay Ritter, University of Florida IPO expert told Reuters reporters.
"According to the valuation of its 2012 earnings of $ 2.06 per share, the price range is $ 21 - $ 24 at a conservative price-earnings ratio of 11."
The IPO will include ING United States and the secondary components provided by the parent company is a major component, the company said in a statement. ING proceeds of the offering in the United States about 600 million.
ING United States as of December 31 of $ 461 billion in total assets management and asset management. It is reported that $ 473 million, net income last year.
The IPO is expected to be May 1 and pricing of shares will be May 2 start trading, according to market sources.
The Voya financial renamed
When it was first listed on the application in November, the company said it intends to market, it is expected that the "huge cost" and renamed renamed itself.
Announced last week that it expects will be renamed after the the Voya financial Offering.
However, the company did not expect to until the end of 2014, most of its advertising and marketing transferred to the new brand name for the "earliest", Tuesday's filing said.
It also is expected renamed to take approximately 24 months, at a cost of $ 40 million $ 50 million, excluding incremental advertising expenses.
The company has received approval of its ordinary shares on the New York Stock Exchange symbol "VOYA.
Morgan Stanley is the lead left "of the underwriters for the offering, Goldman Sachs and Citigroup (Citigroup) Manager in the lead of the 24-syndicated books.
ING Group shares, which have lost their value in the past three months rose 2% in Amsterdam at 6.01 euros earlier on Tuesday.
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