Ally Financial (ALLY) Launches IPO; Treasury to Offer 95M Shares

Ally Financial Inc. (NYSE: ALLY) announced that it has launched aninitial public offering of shares of its common stock. The shares will be offered by the U.S. Department of the Treasury (Treasury) as part of its planned exit of its investment in Ally. Treasury is offering 95,000,000 shares of Ally common stock at a price per share ranging between $25 and $28. 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 & Co., Morgan Stanley and Barclays are acting as joint global coordinators on the offering.

Ally Financial Inc. is a leading automotive financial services company powered by a top direct banking franchise. Ally's automotive services business offers a full suite of financing products and services, including new and used vehicle inventory and consumer financing, leasing, inventory insurance, commercial loans and vehicle remarketing services. Ally Bank, the company's direct banking subsidiary and member FDIC, offers an array of deposit products, including certificates of deposit, savings accounts, money market accounts, IRA deposit products and interest checking. Ally's Commercial Finance unit provides financing to middle-market companies across a broad range of industries.

With approximately $151.2 billion in assets as of Dec. 31, 2013, Ally operates as a financial holdingcompany.

Source: http://www.streetinsider.com