Fresh off of its IPO earlier this month, ING U.S. [profile] may not remain independent and public for long.

That's the conclusion of BTIG analyst Mark Palmer, who in a report issued earlier this week makes the case for the mutual fund shop (also a retirement plan and insurance provider) being a "legitimate takeover target," thanks to a mere $6.5-billion market capitalization that "would be in no way imposing for most of the larger insurance companies who be logical acquirers."

"Particularly in light of the disappointing reception of VOYA shares in its IPO earlier, ING at this point may view a sale as a better way of maximizing the proceeds from its divestiture and receiving them more quickly than it would through follow-on offerings," Palmer wrote, noting that the Dutch parent still holds 75 percent of ING U.S.'s stock. 

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