Ally Financial Drops After IPO Prices at Low End of Range
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Ally Financial Inc., the auto lender rescued by the U.S. government during the 2008 financial crisis, dropped in its trading debut after pricing its initial public offering at the low end of an expected range.
Ally fell 4.1 percent to $23.98 at 4:15 p.m. in New York under the ticker symbol ALLY. The U.S. Treasury Department, which had been the Detroit-based firm’s majority shareholder, raised $2.38 billion by selling the shares for $25 each.