Ally IPO Raises Nearly $2.4 Billion

Ally Financial Inc., the reincarnation of General Motors Co.'s defunct GMAC lending unit, has raised $2.38 billion in its initial public offering.

Ally went bankrupt in 2009 and was bailed out with $17.2 billion in federal funds, making the U.S. Dept. of Treasury its 74% owner. GM sold its remaining 8.5% stake in Ally last December.

Bloomberg News says the government has since recouped about $15.3 billion and shrank its Ally holding to 37%. The IPO has reduced the Treasury Dept.'s stake to 17%.