General Electric (GE) has filed the paperwork for an initial public offering (IPO) for its healthcare unit, GE Healthcare, according to numerous sources familiar with the ongoing situation. The offering is expected to take place by the middle of 2019.
Goldman Sachs, Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley are all said to be working on the listing, according to a report from Bloomberg. Sources close to CNBC have also confirmed the news. GE’s stock, which has been famously performing poorly in recent months, has jumped more than 8 percent based on the news.
GE announced its plans to spin off its healthcare unit as a separate company back in June.
“As we announced in June, as an independent global health care business, we will have greater flexibility to pursue future growth opportunities, react quickly to changes in the industry and invest in innovation,” GE said in an emailed statement, according to Bloomberg’s report.
Siemens made a similar move in March 2018 with its own healthcare division, Siemens Healthineers, and raised $5.2 billion.