Leading auto finance company Ally Financial sets terms for $2.5 billion IPO

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Ally Financial, the leading global auto finance company and former unit of GM (GMAC), announced terms for its IPO on Thursday. The Detroit, MI-based company plans to raise $2.5 billion by offering 95.0 million shares at a price range of $25 to $28. At the midpoint of the proposed range, it would command a market value of $12.8 billion. The United States Department of the Treasury is the only selling stockholder, and the company itself will not receive any of the proceeds.

Ally Financial, which was founded in 1919 and booked $4.3 billion in sales for the fiscal year ended December 31, 2013, plans to list on the NYSE under the symbol ALLY. Citi, Goldman Sachs, Morgan Stanley, Barclays, BofA Merrill Lynch, Deutsche Bank and J.P. Morgan are the joint bookrunners on the deal.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: News Headlines , IPOs

Referenced Stocks: ALLY

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