(Bloomberg) -- ING Groep NV is likely to price shares in its European insurance unit at 20 euros apiece, according to a person with knowledge of the matter, making it the third-biggest initial public offering in Europe this year.
The Dutch financial-services company is selling 70 million shares in NN Group NV for 18.5 euros to 22 euros each, the company said on June 16. Demand for shares at 20 euros exceeded the offer multiple times, said the person, who asked not to be identified as the transaction was under way. At that price, the offer will raise 1.4 billion euros ($1.9 billion) for ING.
The stock starts trading in Amsterdam tomorrow under the symbol NN. ING’s ownership in NN will drop to 73.6% after the sale and a conversion of 450 million euros in exchangeable notes under an agreement with three Asian investors, according to the statement last month.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
