Financing and Stock Offerings

GE Profit Rises 13%, Expects Retail Finance IPO By End Of July

General Electric Co. reported a 13 percent jump in quarterly net income Friday on improved sales of its jet engines and oil and gas equipment, and said it was targeting the initial public offering of its private-label credit-card business for the end of the month.

It has been planning a partial IPO of the North American retail finance business, to be called Synchrony Financial, as part of a plan to exit the business and slim down its overall GE Capital unit.

GE, which has its headquarters in Fairfield, expects a 15 percent offering would be worth about $3.1 billion at the mid-point of the IPO, according to a company presentation. It plans to retain about $17 billion of the...