NEW YORK (CNN/Money) - The initial public offering for CIT Group Inc. came in below its expected price range Monday, raising $4.6 billion, underwriters of the deal told CNN/Money.

CIT Group sold 200 million shares at $23 each, below its $25-to-$29 price range, via co-lead underwriters Goldman Sachs and Lehman Brothers. The CIT IPO will trade Tuesday on the New York Stock Exchange under the symbol "CIT."

Parent Tyco (TYC: Research, Estimates) is spinning the company off in through the IPO and will use proceeds from the sale to pay down its heavy debt load. As of March 31, Tyco had $20.5 billion in debt due within a year.

The CIT IPO is coming in at half of what Tyco spent last year when it paid $9.2 billion in stock and cash for the diversified commercial lender.

The new issue has also come in below its own expectations. CIT originally filed in April to raise as much as $7.2 billion and then resized the deal in mid-June to raise up to $5.8 billion.

The CIT offering has been wrought with problems. Last month, the Securities and Exchange Commission held up the IPO on accounting concerns, and the Tyco financial services unit later said it would restate its second-quarter financial statements to reflect a $4.5 billion write-down in goodwill.

With about $48 billion of managed assets, CIT is a diversified commercial lender offering loans and leasing to businesses and consumers. New York-based CIT had $4.1 billion in losses for the six months ended March 31, compared with $320.2 million in income for the same time period in 2001, according to the regulatory filing.

Tyco has had its own problems. Tyco's former CEO, Dennis Kozlowski, was indicted in June on charges he conspired to avoid paying more than $1 million in sales tax on artwork he purchased. Kozlowski pleaded innocent last week to charges he tampered with evidence in the case.

After the IPO, Tyco (TYC: Research, Estimates) will not hold any shares in CIT and will not have any representation on its board, the company said in a filing with regulators.

Earlier Monday, Medco Health Solutions Inc., the pharmacy benefits management unit of Merck & Co., postponed its planned offering for a second time. The IPO is now expected to price the week of July 8, underwriters said.

Medco Health had planned to go public last week but delayed until Monday when it decided to postpone again.

Medco Health expects to sell 46.7 million shares at $20-to-$22 each, down from $22-to-$24, via Goldman and J.P. Morgan. The company will trade on the New York Stock Exchange under ticker symbol "MHS."