ING Canada launches IPO

ING Canada Inc. says it has filed a prospectus to make an initial public offering of common shares in Canada. The IPO, which does not include ING Direct, but does include the insurance arm of ING, would be used in part to fund ING’s acquisition of Allianz Canada, as well as to repay funds to parent ING Groep NV. After the offering, ING Groep NV will hold a significant controlling interest in ING Canada. ING announced earlier in October its plans to buy the personal lines and small-to-medium commercial lines business of Allianz Canada. Allianz will remain in Canada through its Allianz Global Risks operation.ING says the proposed offering, which is subject to securities regulators’ approval, will be offered through a syndicate of underwriters including Merril Lynch Canada Inc. and CIBC World Markets Inc.The price of the offering was not yet available.