Ally Financial is delaying a $5 billion initial public offering (IPO) due to unfavorable market conditions, Financial Times reports. The move will block the U.S. government’s attempt to sell a portion of its 73.8% stake in the home and care loan company.
The former financing arm of General Motors may now launch the IPO late in 2011. The underwriters on the offering are Citi, Goldman Sachs, JPMorgan, Morgan Stanley, Barclays Capital and Deutsche Bank Securities, adds Reuters.
Click here for the story from Financial Times.
Click here for additional coverage from Reuters.