Ally Financial Inc. is still planning to conduct its initial public offering. A fresh amended filing from this morning shows that Ally plans to sell up to $100 million in common stock and/or up to $100 million in ‘tangible equity units’ per the filing.
Ally operates as bank holding company and is one of the world’s largest automotive finance companies which also operates one of the largest residential mortgage loan companies in the United States. The company’s Ally Bank had $39.6 billion of deposits as of December 31, 2011. The company claims to have $184 billion of total assets at December 31, 2011 and $6.1 billion of total net revenue during fiscal year 2011.
Keep in mind that this is taxpayer money. The United States Department of the Treasury is offering a currently undisclosed sum of shares and Ally Financial will not receive any of the proceeds from the sale of shares of common stock by the Treasury.
This would have been in our TOP 17 IPOs TO WATCH IN 2012 but the filing process had gone quiet and it was not clear whether or not Ally was going to really make it out to the markets. Ally’s syndicate includes Citigroup, Goldman Sachs, J.P. Morgan, Morgan Stanley, Barclays Capital, and Deutsche Bank Securities.
JON C. OGG