NEW YORK (AP) — Ally Financial has filed for an initial public offering that could raise as much as $3.06 billion.
The U.S. Department of the Treasury says it plans to sell 95 million shares for between $25 and $28 each, which would raise between $2.38 billion and $2.66 billion.
Treasury also granted the offering's underwriters — Citigroup, Goldman, Sachs & Co., Morgan Stanley and Barclays — a 30-day option to buy up to an additional 14.3 million shares to cover possible over allotments. The would raise up to an additional $399 million.
Ally stock is expected to trade on the New York Stock Exchange under the symbol "ALLY."
Ally, formerly known as GMAC Inc., received a total of $17.2 billion in government support during the financial crisis. But the government has since recouped the bulk of its investment.