NEW YORK (The Deal) -- Ally Financial said the federal government would sell the bulk of its remaining stake in the once-troubled Detroit auto lender in an initial public offering that could raise $3 billion.
In a Thursday regulatory filing, Ally said the U.S. Treasury Department will sell 95 million shares in an offering that will be priced at $25 to $28 each. Including the underwriters' overallotment option to buy up to an additional 14.25 million shares, Ally and the Treasury could raise $3.05 billion in the offering.
Ally is looking to list on the New York Stock Exchange under the ALLY ticker symbol.
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