GE's Czech Bank Unit Said to Likely Price IPO at Bottom of Rangeby and
General Electric Co. is expected to sell shares in its Czech banking unit at the bottom of the target range set for its initial public offering, according to two people with knowledge of the deal.
The shares in Moneta Money Bank AS, previously known as GE Money Bank AS, may be priced at 68 koruna apiece, said the people, who asked not to be named because the details aren’t public. That would value the lender at 34.75 billion koruna ($1.47 billion), making it the country’s largest IPO since 2008, and it compares with an initial goal of between 68 koruna and 85 koruna.
GE is offering 51 percent in the unit as part of a year-old plan to sell most of its financial assets worldwide and focus on its industrial business. The floating of Moneta, which is scheduled to start trading on the Prague Stock Exchange on Friday, is a boost for the Czech bourse where delistings, stock plunges and dollar appreciation have reduced the total market capitalization to $25.1 billion from a peak of $86.7 billion in 2008.