NEW YORK (AP) — Shares of Synchrony Financial barely moved Thursday in their debut on the New York Stock Exchange, but that's a better outcome than the broader markets which plunged.
The credit card company raised $2.88 billion, selling 125 million shares at $23 each.
That makes it the largest initial public offerings of the year so far, according to data provider Dealogic.
The Stamford, Connecticut, company is a spinoff of conglomerate General Electric Co. Following the IPO, GE will own 84.9 percent of Synchrony's common stock.
The spinoff is part of GE's plan to shrink its financial unit GE Capital. GE has been focusing more on industrial products like jet engines, medical equipment and oil and gas drilling equipment.
The IPO "furthers our goal to position GE Capital as a smaller, safer specialty finance leader," said CEO Jeff Immelt.
Synchrony provides store credit cards for retailers, such as Wal-Mart, J.C. Penney and Amazon.com. It also operates an online bank, which it is expanding to increase deposits and use the money to fund its credit business.
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