General Electric Co. is in consideration to spin off parts of GE Capital through an initial public offering as it pursues its aim to cut the size of the business, company's chief executive Jeffrey Immelt said.

Speaking at the Electrical Products Group Conference in Florida, Immelt believes that capital markets favor IPOs, which could make good future for their business.

Recently, General Electric announced its plan to pay $6.5 billion in dividends to its parent company for the financial arm GE Capital in 2013.

Furthermore, Immelt said that they are aiming to reduce the ending net investment of GE Capital between $300 billion and $350 billion by the end of 2013. The company would likely get share count down to 9.5 billion shared by the end of 2015, Immelt said.

Shares in GE were reportedly down by 1.5 percent, and they closed on the New York Stock Exchange at $23.86.