ING insurance spin-off covered within a day of bookbuilding

By Nina Flitman
19 Jun 2014

The €1.3bn-€1.5bn IPO of NN Group, the insurance business being spun off by ING, was fully covered across the price range less than 24 hours after bookbuilding began this week.

ING is offering 70m ordinary shares in the base deal, 20% of the firm, with a 10.5m share greenshoe, in the all-secondary IPO.

Bookbuilding began on Tuesday with the price range set at €18.50-€22.00 a share. It was covered by Wednesday. Extensive pre-IPO meetings had been held before the ...

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