Seeking Alpha

Ally Financial files for IPO

  • The Treasury will be selling 95M shares - more than half of its stake - in the lender formerly known as GMAC. The pricing is expected to be in the $25-$28 per share range. The underwriter greenshoe could see Treasury unloading another 14.25M shares. The sale would take Treasury's stake in Ally down to the area of about 15%.
  • The move comes after Ally's capital return plan was approved by the Fed last night (its plan was rejected last year).
  • The stock will trade on the NYSE under the symbol ALLY.
  • SEC Form S-1
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