Shares of the American arm of the Dutch financial services firm ING Group edged up in their trading debut on Thursday.
ING U.S., which will soon be renamed Voya Financial, sold 65.2 million shares at $19.50 each, below its expected range of $21 to $24. In mid-morning trading, the stock was up 14 cents, or 0.7 percent, to $19.64.
The transaction raised about $1.27 billion, 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 at about $5 billion. It trades on the New York Stock Exchange on under the ticker symbol “VOYA.â€
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 primarily retirement plans and investment 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.
The offering was led by Morgan Stanley, Goldman Sachs and Citigroup.
