Shares in Dutch insurer NN Group set at 20 euros, ING says

AMSTERDAM, July 1 Tue Jul 1, 2014 6:20pm EDT

AMSTERDAM, July 1 (Reuters) - Shares of NN Group, the insurance arm of Dutch financial services company ING Group , will list for 20 euros per share, the company said late Tuesday, in what is set to be the largest stock floatation in Europe so far this year.

The price was in the middle of an initial range of 18.50-22.50 euros per share and will result in approximately 1.5 billion euros ($2.05 billion) in gross proceeds, ING said in a statement.

The offering values NN Group at 7 billion euros ($9.55 billion), it said.

Shares in NN Group are set to start trading in Amsterdam on Wednesday.

Earlier Tuesday ING said it had increased by 10 percent to 77 million the number of ordinary shares being listed due to "significant" investor demand.

($1 = 0.7331 Euros) (Reporting By Anthony Deutsch; Editing by Diane Craft)

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