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Financial News Network
March 31, 2011 AT 7:30 PM
Ally Financial, the former financial arm of General Motors Co (NYSE:GM) and previously known as GMAC, filed for an initial public offering of up to $100 million, according to a Reuters report.The offering will allow the U.S. government to sell down its majority stake in the company. The Treasury Department currently owns 73.8% of the company.Citigroup (NYSE:C), Goldman Sachs (NYSE:GS), J.P. Morgan Chase (NYSE:JPM) and Morgan Stanley (NYSE:MS) were listed as the lead underwriters on the offering, Ally said Thursday in its filing with the SEC.The federal government bailed out Ally multiple times in 2008 and 2009, investing over $17 billion in the company.A source familiar with the IPO had previously told Reuters that Ally's IPO could raise between $6 billion and $7 billion dollars, including common stock and convertible securities, although the filing with the SEC would be for a smaller placeholder amount.Ally had a profit of $1.08 billion in 2010 after losing $10.30 billion the previous year, on total net revenue of $7.9 billion, up 21.7% from 2009. The company provides a wide range of financial services including auto financing, insurance, mortgage services, and online banking. Ally Financial Inc is headquartered in Detroit, Michigan, and employed approximately 14,400 people as of December 31, 2010.