ING shares priced at $26, show early strength

ING Canada made its initial public offering of common shares on Friday, with a starting price of $26 for each of the 34.88 million shares.The offering, led by Merrill Lynch Canada Inc. and CIBC World Markets Inc. showed early success, with the shares closing at $28.88 at the end of the first day of trading. Almost 14 million shares were traded on Friday, under the symbol IIC.LV on the Toronto Exchange. The closing of the offering is scheduled for December 15, and ING notes that an additional 5.23 million shares are being offered to cover over-allotments. When the offer closes, ING Groep NV will hold 72.9% of the 128.5 million issued and outstanding common shares, although if the over-allotments options are exercised, this will drop to 70% of a total 133.73 million shares.