A month after Artisan
's IPO shares sold
like hot cakes, ING U.S. Investment Management
] Dutch parent puts its U.S. business IPO-spinoff expectations in writing.
On Friday in its third amended S-1
, ING U.S. estimated that its upcoming IPO will raise $600 million for its Dutch multinational parent [see filing
], a six-fold increase over the $100-million offering size reported
in November when ING U.S. filed its initial S-1.
The Dutch government infused ING with capital during the financial crisis, and since then the insurance and banking giant has been divesting from the pieces of its global empire. The planned IPO of ING U.S. (which includes a giant retirement plan business and an insurance arm, as well as investment management) slated for sometime this year is part of that strategy.
The $600-million IPO target comes to light even as ING U.S. begins a rebranding process
, which will take 24 months and will transform the company into Voya Financial
To dig into the deteails of ING U.S.'s investment management business and its other units, read the full S-1/A filing here
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