ING US worth $6bn on float

City A.M. Reporter
DUTCH financial services firm ING Group’s insurance unit ING US plans to price shares in its float at between $21 and $24 each, valuing the company at up to $6.16bn (£4.29bn) in what could be one of the biggest offerings this year..

After the initial public offering, which could raise as much as $1.54bn, ING Group’s ownership in ING US will reduce to 75 per cent as it complies with a European Union mandate to split its businesses.

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