ING Groep's ING U.S. Unit Files $100M IPO

November 9, 2012 12:20 PM EST Send to a Friend
ING U.S., Inc., a wholly owned subsidiary of ING Groep N.V., filed a registration with the U.S. SEC for an Initial Public Offering of its Common Stock. The proposed maximum offering price its $100 million. ING U.S. hasn't chosen a ticker nor applied to a market to list on as of its initial F-1 filing.

The offering is being made through Morgan Stanley and Goldman, Sachs & Co.

Some key financials from the filing: "As of December 31, 2011, we had $437.9 billion in total AUM and AUA and total shareholder’s equity, excluding accumulated other comprehensive income/(loss) and noncontrolling interests, of $9.8 billion.

In 2011, we generated $277.8 million of income before income taxes, ($88.1) million in net loss available to ING U.S., Inc.’s common shareholder and $1.1 billion of operating income before income taxes. As of June 30, 2012, we had $445.3 billion in total AUM and AUA.

In the six months ended June 30, 2012, we generated $340.2 million of income before income taxes, $129.2 million in net income available to ING U.S., Inc.’s common shareholder and $438.6 million of operating income before income taxes. Operating income before income taxes is a non-GAAP financial measure."

ING U.S. is "a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States," according to its SEC filing.


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