ING Canada Inc. today announced the completion of its initial public offering of 34,880,000 common shares for gross proceeds of $ 907 million.

The shares began trading on today on the Toronto Stock Exchange, under the symbol IIC.LV.

After the completion of the IPO, ING Groep N.V. will hold 72.9% of the 128,500,000 issued and outstanding common shares of ING Canada, which will reduce to 70.0% if and when the underwriters exercise in full the over-allotment option.

ING Canada is the largest provider of property and casualty insurance in Canada based on direct premiums written in 2003. Its 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.

Merrill Lynch Canada Inc. and CIBC World Markets Inc. were the co-lead managers of the underwriting syndicate, which also included BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., TD Securities Inc., UBS Securities (Canada) Inc., National Bank Financial Inc. and HSBC Securities (Canada) Inc.

ING Canada has also granted the underwriting syndicate an option to purchase up to 5,232,000 common shares within the next 30 days from the closing at the original issue price of $ 26.00 to cover over-allotments, if any, and for market stabilization purposes. If the option is exercised in full, the gross proceeds of the IPO will amount to $ 1.04 billion.