GE Capital placed a 57.5% stake in GE Money Bank via IPO on the Prague Stock Exchange
May 2016 — GE Capital has sold 57.5% of GE Money Bank via an institutional-only IPO on the Prague Stock Exchange, in a 100% secondary offering. Demand was led by a mix of international accounts and local names, with almost 65% of demand from the UK and USA investors, 17% generated by CEE-based accounts (notably strong participation of Czech and Polish investors) and another 14% from Western Europe. The offer price was set at CZK 68 (US$2.7) per share. The whole deal was significantly oversubscribed.
GE Capital, based in Wilmington, Delaware, is a subsidiary of General Electric (GE) and was a 100% shareholder of the company prior to the IPO. Following the IPO, GE Capital sold the remainder of its shareholding in Moneta Money Bank in line with GE’s strategy of exiting financial services.
Our role in the transaction
Oaklins' team in the Czech Republic acted as a joint lead manager and listing agent for the offering.
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