ING U.S. has completed another step in its rebranding into Voya Financial (Voya). Their initial public offering of 65.2 million shares of common stock at $19.50 per share was announced yesterday and this morning the company began trading on the New York Stock Exchange under ticker symbol: VOYA.
Chairman and Chief Executive Officer Rodney O. Martin Jr. joined other members of the ING.U.S. management team to celebrate the transition from wholly-owned subsidiary to an independent U.S. company by ringing the opening bell of the exchange.
The IPO and subsequent rebranding follows an agreement reached by ING Group and the European Commission in 2009 to focus on banking and divest insurance operations in the wake of a $12.71 billion cash infusion by the Dutch government.
As Voya, the company will retain its current philosophy to help Americans prepare themselves for retirement. It will also retain its iconic orange which Voya feels symbolizes the future.
The IPO is the second biggest in the U.S. this year and the largest financial IPO since 2009.