ING U.S. announced yesterday that the underwriters in its initial public offering have exercised their overallotment option to purchase approximately 9.8 million additional shares of ING U.S. from ING Group at the IPO price of $19.50 per share.

ING U.S. shares started trading on the New York Stock Exchange on May 2. The gross proceeds from the exercise go to ING Group and will reduce ING Group's ownership in ING U.S. to approximately 71%, according to the firm.

The closing of the overallotment offering is expected to occur on May 31.

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