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ING US files update of IPO registration statement

ING has previously announced it is divesting its insurance and investment management businesses as part of a restructuring programme agreed with the European Commission

April 09, 2013 4:57 IST | India Infoline News Service
ING on 5th April announced that ING U.S., Inc., its U.S.-based retirement, investment and insurance business, has filed an update of its registration statement with the U.S. Securities and Exchange Commission (SEC) in connection with its proposed initial public offering (IPO).

ING has previously announced it is divesting its insurance and investment management businesses as part of a restructuring programme agreed with the European Commission. While all options for divestment remain open, the base case for the divestment of ING U.S. is through an IPO. In this context, ING U.S. filed an initial registration statement with the SEC in November 2012 and amendments to that registration statement in both January and March 2013.

The amendment filed includes, amongst others, further disclosure on ING U.S.’s recapitalization plan. For instance, it is the intention of ING U.S. to raise USD 600 million from a primary offering in the proposed IPO to partly offset the cancellation of a USD 1.5 billion contingent funding facility by ING Bank. There will also be a secondary offering of shares in ING U.S. by parent company ING Group. The size of this secondary offering has not yet been determined.

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