Ally Financial is seeking to raise around $5 billion in an initial public offering (IPO), The Wall Street Journal reports. The U.S. auto and mortgage lender’s public offering will see the U.S. Treasury reduce its 74% stake in Ally, adds Financial Times.
The Treasury, which invested over $17 billion in Ally, did not say how much of its stake it intended to sell. The Michigan-based bank has appointed Citigroup, Goldman Sachs, Morgan Stanley and JP Morgan Chase to underwrite the sale.
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