NEW YORK (AP) — Ally Financial has filed for an initial public offering that could raise as much as $3.06
billion.
The
U.S. Department of the Treasury says it plans to sell 95 million shares
for between $25 and $28 each, which would raise between $2.38 billion
and $2.66 billion.
Treasury also granted the offering’s
underwriters — Citigroup, Goldman, Sachs & Co., Morgan Stanley and
Barclays — a 30-day option to buy up to an additional 14.3 million
shares to cover possible over allotments. The would raise up to an
additional $399 million.
Ally stock is expected to trade on the New York Stock Exchange under the symbol "ALLY."
Ally,
formerly known as GMAC Inc., received a total of $17.2 billion in
government support during the financial crisis. But the government has
since recouped the bulk of its investment.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.
NEW YORK (AP) — Ally Financial has filed for an initial public offering that could raise as much as $3.06
billion.
The
U.S. Department of the Treasury says it plans to sell 95 million shares
for between $25 and $28 each, which would raise between $2.38 billion
and $2.66 billion.
Treasury also granted the offering’s
underwriters — Citigroup, Goldman, Sachs & Co., Morgan Stanley and
Barclays — a 30-day option to buy up to an additional 14.3 million
shares to cover possible over allotments. The would raise up to an
additional $399 million.
Ally stock is expected to trade on the New York Stock Exchange under the symbol "ALLY."
Ally,
formerly known as GMAC Inc., received a total of $17.2 billion in
government support during the financial crisis. But the government has
since recouped the bulk of its investment.
Copyright 2014 The Associated Press. All rights
reserved. This material may not be published, broadcast, rewritten or
redistributed.