Daily News: March 28, 2014

Ally Financial Launches IPO to Repay Government

Ally Financial announced it launched an IPO of shares of its common stock. The shares will be offered by the U.S. Department of the Treasury as part of its planned exit of its investment in Ally. The Treasury is offering 95,000,000 shares of Ally common stock at a price per share ranging between $25 and $28.

The Treasury also granted the underwriters a 30-day option to purchase up to an additional 14,250,000 shares to cover over-allotments, if any. Ally stock is expected to trade on the New York Stock Exchange under the symbol “ALLY.”

Citigroup, Goldman Sachs, Morgan Stanley and Barclays are acting as joint global coordinators on the offering.

Ally Financial is an automotive financial services company powered by a top direct banking franchise.