NEW YORK—OneMain Financial, a unit of Citigroup that makes loans to underserved consumers and those with damaged credit, is planning a $50-million IPO as part of a spin-off.
Citigroup, which will be managing the IPO itself, has attempted to sell the business in the past without success. OneMain Financial has branches in 43 states and specializes in subprime loans that can carry interest rates as high as 36%.