ING U.S. Inc., the American insurance unit of ING Groep NV, plans to raise as much as $1.54 billion in an initial public offering as its Dutch parent focuses on operations at home.

The division and its parent are offering 64.2 million shares for $21 to $24 apiece, the U.S. business said yesterday in a regulatory filing. Amsterdam-based ING Groep will own 75 percent of ING U.S. after the IPO, the filing showed. The unit plans to change its name to Voya Financial after the share sale.

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