GE aims high with IPO for Czech unit

Prague – General Electric seeks to raise as much as $922 million in an initial public offering of a majority stake in its Czech banking unit.

The US company is offering 260.6 million of existing shares, or 51 percent, of GE Money Bank AS at an indicative price of 68 koruna ($2.83) to 85 koruna apiece, the Czech lender said in a statement on Monday. A pricing at the top of the range would generate proceeds of 22.15 billion koruna and GE could sell as much as 15 percent more under an over-allotment option exercisable within 30 days after the stock starts trading in Prague.