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Wednesday, May 01, 2013

ING to IPO Soon

News summary by MFWire's editors

After a long process, ING U.S. is finally ready to go public shortly, according to a Barron's report. Yet an ING spokesman told MFWire that the IPO isn't happening today.

The US business of the Dutch firm will IPO soon, part of the parent companies plan to divest and pay back a 10 billion-euro ($13 billion) bailout from the Dutch government.

The company hopes to sell 64.2 million shares at about $22.50 per share, resulting in a total of $1.45 billion in sales.

According to a Bloomberg report, the IPO is being led by a group of managers who helped AIG following its bailout.

For more details, check out the Barron's story here and the Bloomberg story here.  

Correction: A prior version of this story relied on incorrect reports of the timing of the impending ING U.S. IPO.

Edited by: Ben Geier

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