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ING Raises $2.1B With NN IPO

ING Groep NV raised $2.1 billion from the sale of shares in its insurer NN Group NV, the second-biggest initial public offering in Europe this year.

By Maud van Gaal, Bloomberg | Updated on July 02, 2014
The ING head office in Amsterdam. (AP Photo/Peter Dejong)

(Bloomberg) — ING Groep NV, the biggest Dutch financial services company, raised 1.54 billion euros ($2.1 billion) from the sale of shares in its insurer NN Group NV, the second-biggest initial public offering in Europe this year.

NN Group opened at 21 euros in Amsterdam, above the sale price of 20 euros, and traded at 21.64 euros as of 1:20 p.m. ING sold 77 million NN Group shares, it said yesterday. Including a conversion of 450 million euros in mandatory exchangeable notes under an agreement with three Asian investors, gross proceeds were about 2 billion euros.

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