The American arm of the ING Group, the Dutch financial services firm, priced its initial public offering at $19.50 a share, below its expected range of $21 to $24.
Still, the transaction raised about $1.27 billion after slightly increasing the number of shares sold, to 65.2 million. It is the second-biggest market debut in the United States this year, surpassed only by the $2.2 billion I.P.O. of Zoetis, the former animal health division of Pfizer, according to data from Renaissance Capital.
Over all, the I.P.O. values the business â€" soon to be rebranded Voya Financial â€" at about $5 billion.
ING took its American arm public as the company continues to slim itself down per the terms of a 2008 bailout by the Dutch government. Last year, the lender sold its United States online banking arm, ING Direct USA, to Capital One Financial for $9 billion.
ING U.S., which sells life insurance and annuities products, earned $611.2 million last year on $9.6 billion in total revenue, according to its latest amended prospectus. The company has about 13 million customers and is based in New York City.
It is expected to begin trading on the New York Stock Exchange on Thursday under the ticker symbol “VOYA.â€
The offering was led by Morgan Stanley, Goldman Sachs and Citigroup.
