Report: Ally Financial files IPO paperwork
The next step for Ally Financial is to go on a tour to entice investors to buy into the financial firm in advance of the SEC's decision. Ally isn't yet close to announcing a price for the stock, nor has the government disclosed the amount of shares it plans to unload, but the DetNews reports that the fed plans to net $5.5 billion from the transaction. The government also owns $5.9 billion in convertible preferred stock.
General Motors still owns 9.9 percent of Ally Financial, but the automaker reportedly won't participate in the sale. The General did announce previously that it sold its preferred stock, though, for $1 billion.
[Source: The Detroit News]
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