Ally Financial Files for IPO

Reuters - March 30, 2011

Ally Finan­cial has filed to offer shares to the pub­lic in a first step for the U.S. gov­ern­ment to sell down its major­i­ty stake in the for­mer Gen­er­al Motors cred­it arm. The auto and mort­gage lender filed with U.S. reg­u­la­tors to raise up to $100 mil­lion in an IPO, although the offer­ing could ulti­mate­ly raise about $5 bil­lion.