GE consumer lending arm Synchrony Financial files for a US IPO that could raise $4 billion

By Renaissance Capital,

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Synchrony Financial, the US consumer lending arm of conglomerate General Electric, filed on Thursday with the SEC to raise $100 million in an initial public offering, although the deal size is likely just a placeholder. We estimate the company could raise as much as $4 billion. The Stamford, CT-based company, which was founded in 1988 and booked $10.6 billion in sales (before retailer share costs) for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol SYF. Goldman Sachs, J.P. Morgan, Citi, Morgan Stanley, Barclays, BofA Merrill Lynch, Credit Suisse and Deutsche Bank are the joint bookrunners on the deal. No pricing terms were disclosed.

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