NEW YORK (CNN/Money) - CIT Group Inc., the finance unit of Tyco International Ltd., formally filed with the Securities and Exchange Commission Thursday for an initial public offering that could raise as much as $7.15 billion.

CIT Group did not reveal how many shares it would sell or their price range. That information typically will come in later filings. Goldman Sachs served as CIT's financial adviser on the sale of the unit but Credit Suisse First Boston is listed as top underwriter on the IPO. Goldman and a slew of other bankers, including J.P. Morgan Chase, Lehman Brothers and Salomon Smith Barney, will also serve as underwriters.

The unit will trade under "CIT" on the New York Stock Exchange.

Tyco (TYC: Research, Estimates), an industrial conglomerate, called off plans Thursday to split into four companies as it cut 7,100 jobs. The company also halted the sale of its plastics unit and now plans to retain the business.

Tyco, which acquired CIT last year for $9.2 billion, had expected to sell off the finance unit but said Thursday it will split off CIT through an IPO. However, Tyco said it will continue to talk to potential suitors for CIT.

The company will spin off all of CIT and will not hold any shares in the unit after the IPO. Parent Tyco will also not have any representation on CIT's board, an SEC filing said.

At $7.15 billion, CIT will easily place as the year's biggest offering beating out Travelers Property Casualty Corp. (TAP.A: Research, Estimates) which raised $3.9 billion in March.

With about $50 billion of managed assets, CIT is a diversified commercial lender offering loans and leasing to businesses and consumers. New York-based CIT had $239.1 million in income for the quarter ended Dec. 31 compared with $160.1 million in income for the same time period in 2000.