DETROIT, March 27, 2014 /PRNewswire/ -- Ally Financial Inc. (Ally) today announced that it has launched an initial 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. The prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by calling (800) 831-9146; Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, by calling (866) 471-2526, or by emailing email@example.com; Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014, by calling (866) 718-1649, or by emailing firstname.lastname@example.org; and Barclays Capital Inc. c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, by calling (888) 603-5847, or by emailing Barclaysprospectus@broadridge.com.
The registration statement relating to these securities has been filed with the Securities and Exchange Commission, but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Ally Financial Inc.
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 holding company.
SOURCE Ally Financial