Ally Financial prices IPO at $25, the low end of the range
Ally Financial, a leading global auto finance company and former unit of GM (GMAC), priced its $2.4 billion IPO at $25, the low end of the range of $25-$28. The deal consisted of 95 million shares, all of which were sold by the US Treasury. At the offer price, the company commands a market cap of $12.1 billion. Ally Financial plans to list on the NYSE under the symbol ALLY. Citi, Goldman Sachs, Morgan Stanley and Barclays were the lead underwriters on the deal.