ING floats NN: Europe’s biggest IPO in 2014
NN Group, the insurance arm of Dutch financial services group ING, has now opened trading on Euronext Amsterdam.
ING raised €1.54bn, as shares traded above sales price, becoming the biggest initial public offering (IPO) in Europe this year.
ING has been bailed out by the Dutch state with €10bn in 2008 and has subsequently been forced to dispose of NN Group. The IPO will reduce ING’s shareholding in NN Group to 71.4%.
Due to the restructuring, ING has already been able to repay the Dutch State €12.5bn, including €9.3bn in principal. ING intends to use the proceeds of the insurance divestments for the elimination of ING Group’s double leverage.
“After the IPO of NN Group, we are well into the end phase of our restructuring, which includes the last repayment of approximately EUR 1 billion to the Dutch State and the divestment of the remaining stakes we have in two successfully publicly listed insurance companies – Voya and NN Group” said Ralph Hamers, CEO of ING Group.
The settlement of the NN Group IPO and the start of unconditional trading of the NN Group shares are expected on 7 July 2014