AMSTERDAM—The Dutch state is selling a stake of up to 40% in ASR Nederland NV via an initial public offering that values the insurer at €2.7 billion ($3 billion) to €3.3 billion.

ASR is a former unit of Belgian-Dutch financial giant Fortis, which was nationalized in 2008 at the height of the financial crisis. The Dutch government took control of the Dutch assets and spent nearly €22 billion in the rescue operation.

The failed group's banking operations were merged to create ABN Amro Group NV and returned to the private sector in November.

The Dutch government wants to sell shares in ASR Nederland at between €18 and €22 apiece, valuing the offering at €940 million to €1.1 billion, according to a statement released Monday by NL Financial Investments, the government body in charge of the sale.

Further pricing details will be announced June 9 and the shares are expected to begin trading on June 10 on Euronext Amsterdam, it said.

The sale comes amid a frenzy of IPOs in Amsterdam. Gym-chain Basic-Fit NV, owned by private-equity firm 3i Group PLC, said Monday it also plans to list on June 10 in an offering that values it at between €994 million to €1.1 billion. Last week, Royal Philips NV floated a minority stake in its lighting division in a â,¬3 billion offering.

Write to Maarten van Tartwijk at maarten.vantartwijk@wsj.com

(END) Dow Jones Newswires

May 30, 2016 04:05 ET (08:05 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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