[Update 1: Adds comment from Ally]
A planned initial public offering for Ally Financial appears on track after the bank filed a prospectus Thursday morning.
The Securities and Exchange Commission filing does not offer any pricing or a date, but says the Detroit company has applied to list their common stock on the New York Stock Exchange under the symbol “ALLY.”
Ally, in the filing, also warns that any info in the prospectus could change, and does not constitute an actual sale.
The prospectus names the Treasury Department as the selling stockholder, and Ally would not receive any proceeds from an IPO. The Treasury owns 73.8% of the bank’s stock, and Ally still owes the government roughly $12 billion after it received $17.2 billion in Troubled Asset Relief Program funds.
It’s a long-planned effort by the Treasury to recoup bailout expenses, but an IPO stalled as Ally tries to resolve issues at its troubled mortgage division, Residential Capital. News sources reported in late March that the Treasury was pushing to breakup and sell Ally.
Ally last filed a similar IPO prospectus, called an S-1, in early December. Thursday’s filing reflects SEC comments and other company updates, according to Ally spokeswoman Gina Proia.
“An IPO continues to be an option for the company should the mortgage risk be addressed and the market opportunity be available,” Proia said in an email. “We continue to update the S-1 as part of the process and to keep the disclosures current.”
The bank, formerly known as GMAC, is also reportedly in talks to sell off ResCap, with Fortress Investment Group (FIG) as a frequently cited potential buyer. Ally said earlier this week it will soon exit mortgage-related broker-deal activities.
A Treasury spokesman declined to comment.