Ally Financial Inc.’s long-awaited Initial Public Offering moved closer to reality with the pricing of its 95 million shares of common stock set at $25 per share. The offering raises $2.4 billion for the United States Treasury Department. Underwriters will have a 30-day option to buy an additional 14.2 million shares from the Treasury at the official IPO price.
The stock was priced on the low end of range, according to the company’s S-1 filing, which listed the anticipated pricing between $25 and $28.
The stock begins trading Thursday under the ticker symbol “ALLY” at the New York Stock Exchange.
Including the initial public offering, Treasury has recovered $17.7 billion on the Ally bailout, which is around $500 million more than was originally invested in the company.
