Ally Financial Makes Debut on NYSE and Rentech Inc. Receives $150M Investment from Blackstone’s GSO Capital Partners
Ally Financial Inc. (NYSE: ALLY) made its debut on the NYSE and fell slightly. It was the largest U.S. initial public offering so far this year. The Treasury Department, which still owns a majority of the company after its 2008 bailout, sold 95 million shares at $25 each. Through the IPO, the U.S. government cut its stake in Ally to about 17% from 37%. This was at the low end of Ally’s expected range. The offering raised a total of $2.38 billion, surpassing the January IPO of fellow auto lender Santander Consumer USA Holdings. Founded in 1919, ALLY is a leading automotive financial