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NEWS - ING U.S. IPO Raises $1.27 Billion Priced Below Range and is renamed Voya Financial

May 2, 2013 – ING U.S. (VOYA) the New York-based unit of the largest Dutch financial-services company, raised $1.27 billion in its initial public offering, pricing an increased number of shares below the marketed range.

NG U.S. sold 65.2 million shares for $19.50 each, according to a statement yesterday, after offering 64.2 million shares for $21 to $24 apiece. ING U.S. will be renamed Voya Financial after the IPO and the switch will take about two years, the company has said. The stock will start trading today, listed on the New York Stock Exchange under the symbol VOYA.

The insurer is focusing on managing assets for retail clients and institutional investors and selling protection products such as life insurance. The retirement segment provided 49 percent of operating earnings before taxes in 2012, and individual life accounted for 21 percent, the IPO filing shows.

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