ING U.S., the insurance unit of ING Group, plans to raise as much as $1.54 billion in an initial public offering.

ING U.S. said it plans to sell 64.2 million shares of common stock for between $21 and $24 each in its initial public offering.

The company revealed plans to go public in November last year, filing for a placeholder amount of $100 million.

The company also expects to rebrand as Voya Financial following the offering. It has received approval to list on the New York Stock Exchange under the symbol VOYA.

The underwriters have the option to purchase an additional number of ING U.S. shares at the IPO price, corresponding to a maximum of 15% of the total number of shares offered in the proposed offering. 

The company intends to use proceeds from the offering to pay off debt.

Morgan Stanley (MS), Goldman Sachs (GS) and Citigroup (C) are acting as active joint book-running managers for the offering