Three years after first filing to go public in a bid to repay a $17.2 billion federal government bailout, Ally Financial, the former finance arm of auto giant General Motors, raised nearly $2.4 billion in an initial public offering Thursday that will see principal investor the U.S. Department of the Treasury slash its 37 percent stake in the company to at most 17 percent.
Ally’s IPO is the largest U.S. listing since private equity giant The Blackstone Group took Hilton Worldwide Holdings public in a $2.4 billion listing back in December, according to The Wall Street Journal, citing data compiled by Dealogic.
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