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Report: GE Czech unit's IPO to price at bottom of range

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Report: GE Czech unit's IPO to price at bottom of range

willprice its IPO at 68 Czechkoruny per share, the bottom end of the announced range, "a sourcefamiliar with the process" told Reuters on May 5.

The IPOprice range was initially set at between 68 koruny and 85 koruny per share beforebeing narrowed to 68 koruny to 70 koruny per share. The price would value thelender, formerly GE Money Bank, at 34.75 billion koruny, Reuters noted.

is selling a51% holding in the lender in the upcoming IPO. Books closed May 5, with tradingon the Prague Stock Exchange expected to be launched May 6.

Amarket source told the newswire that the valuation at the lower end of therange reflected expectations for banks' profits to fall in coming years amidlow interest rates.

As of May 4, U$1 wasequivalent to 23.52 Czech koruny.