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$2 Billion Raised in I.P.O. for NN Group by ING Group

Date:03-07-2014

ING Group, the Dutch financial services company raised about $2 billion or 1.5 billion euros in the long-anticipated IPO, for the NN Group, which is its Japanese and European investment and insurance management arm.

On Tuesday, the offering of 77 million shares was priced at €20 per share, just near the midpoint of its expected range of €18.50 to €22 per share. The NN Group is valued roughly at €7 billion through the initial public offering.

On Wednesday, NN Group‘s shares increased by 1.4 percent to €21.29 in conditional trading in Amsterdam. Unrestricted trading of NM Group shares is expected to begin on Monday.

Following a government bailout of €10 billion euros in 2008, the initial public offering is the final step In ING’s effort to transform and restructure its business.

ING, which last month announced plans to move forward with the NN Group offering, intends to completely repay the Dutch government by 2015.

ING has sold off insurance assets in Asia, United States and elsewhere after it was ordered to do so by European regulators following the bailout. It sold off the assets as part of its restructuring.

The Dutch financial services company said that by the end of 2015 it intended to divest more than half of its holdings in NN Group and its remaining stake by the end of 2016, which is in schedule with that set by the European Commission.

ING owns around 71.4 percent of the NN Group, after the initial public offering. ING will own roughly 68.1 percent of the insurer, if an overallotment of shares in the initial public offering is fully exercised.

ING plans to reduce debt by using the proceeds from the sale.

In the Netherlands, approximately 5.2 percent of the offering was allocated to retail investors with the rest of the stake going to institutional investors.

The NN Group, which had approximately €168 billion in assets under management at the end of March, employs over 12,000 people in 18 countries, mainly in Japan and Europe.

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