Transaction|December 10, 2004
ING Canada completes C$1.04 billion initial public offering
Torys acted as counsel to the underwriters with a team that included Karen Malatest, Glen Johnson, Ryan Barry, Jason Brooks, Shariar Aboosaidi and Tanya Baytor (corporate/securities), Blair Keefe (financial institutions) and John Unger (tax).
ING Canada Inc. completed its initial public offering of 40,112,000 common shares at C$26 per share for gross proceeds of C$1.04 billion on December 15, 2004 and on January 13, 2005 (in respect of the over-allotment option exercised by the underwriters).
The transaction is the largest IPO in Canadian history for a non-SEC registered company. ING Canada used will use the proceeds from the offering to fund the acquisition of Allianz of Canada, Inc. (including the repayment of bank debt used to fund the acquisition) and for general corporate purposes. ING Canada's principal insurance products are automobile, property and liability insurance, which it provides primarily to individuals and small to medium-sized businesses through its insurance subsidiaries across Canada.
The underwriting syndicate was co-led by Merrill Lynch Canada and CIBC World Markets, and included BMO Nesbitt Burns, RBC Dominion Securities, Scotia Capital, TD Securities, UBS Securities Canada, National Bank Financial and HSBC Securities (Canada).
The transaction is the largest IPO in Canadian history for a non-SEC registered company. ING Canada used will use the proceeds from the offering to fund the acquisition of Allianz of Canada, Inc. (including the repayment of bank debt used to fund the acquisition) and for general corporate purposes. ING Canada's principal insurance products are automobile, property and liability insurance, which it provides primarily to individuals and small to medium-sized businesses through its insurance subsidiaries across Canada.
The underwriting syndicate was co-led by Merrill Lynch Canada and CIBC World Markets, and included BMO Nesbitt Burns, RBC Dominion Securities, Scotia Capital, TD Securities, UBS Securities Canada, National Bank Financial and HSBC Securities (Canada).