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GE raises millions in major Czech share sale

May 06, 2016 8:44 AM ETGeneral Electric Company (GE) StockGEBy: Yoel Minkoff, SA News Editor12 Comments
  • General Electric (NYSE:GE) has raised $749M selling shares of its Czech banking unit in the nation's biggest initial public offering in almost a decade.
  • The company priced the 51% stake in Moneta Money Bank, previously known as GE Money Bank, at 68 koruna per share, valuing the lender at 34.75B koruna ($1.47B).
  • "This IPO is another milestone in the execution of GE's strategy to significantly reduce its financial services businesses," said Richard Laxer, the president and chief executive of GE Capital.

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