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Ally Financial Still Plans IPO

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By Jon C. Ogg Updated Published
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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.

FULL FILING

JON C. OGG

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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