Ally plays safe on US$2.7bn IPO

摘要

Ally financial launched a long-awaited US$2.7bn IPO last Thursday that will allow the US Treasury to fully recoup its bailout-era investment and significantly reduce its holdings in the company. The IPO consists of 95m shares being sold solely by the Treasury, representing 20% of Ally, in a marketing range of US$25-$28. The Treasury's stake, one of its last large bailout investments outstanding after the financial crisis, will fall from 36.8% to 14.1%, assuming exercise of the greenshoe.