Another day, another ‘failed’ IPO. Ally Financial – aka GMAC – that bastion of subprime auto loans and risk management, IPO’d at $25 last night (at the very bottom of the $25 to $28 range) but investors seem to prefer to sell their allocations than pile into this ‘bank’. Enabling the Treasury to exit more of its losing proposition (raisng $2.38 billion), ALLY opened well below its IPO price… at $24.25. As a gentle reminder, ALLY filed to go public in March 2011.
