ING priced shares at the mid-range price of 20 euros ($27.3) a piece on Tuesday, valuing NN Group at 7 billion euros ($9.56 billion). The Dutch bank sold 77 million shares in NN Group. The company's shares are now trading at 21.08 euros.
Proceeds from the initial public offering are expected to be around 1.5 billion euros, ING said, while reducing the company's stake in the insurance group to 71.4 percent.
ING was bailed out by European Union regulators in 2008 in a 10 billion euro deal. As part of the package, the Dutch firm was forced to spin off its insurance arm. ING will reduce its stake to 50 percent by the end of 2015 and divest the remainder of the business by the end of 2016.