IPO Underwriters Increase Take Of Ally Stock
Underwriters on Ally Financial Inc.’s initial public offering have elected to partially exercise the over-allotment option to buy an additional 7.2 million shares of Ally common stock at the $25 IPO price from the U.S. Treasury Department. The deal, expected to close May 14, would leave Treasury with 16% of Ally’s common stock and would net the agency $181 million.
Since its debut on the street, Ally’s share price has ranged from $23.76 to $27.90. Lead underwriters include Citigroup, Goldman Sachs & Co., Morgan Stanley & Co., and Barclays.
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