DETROIT -

Ally Financial announced this morning that it has begun an initial public offering of shares of its common stock.

In its statement, Ally said the shares offered in the IPO will be from the U.S. Department of the Treasury, per Treasury’s planned exit of its investment in the company.

The 95 million shares being offered by Treasury are priced between $25 and $28. Treasury has also given the underwriters a 30-day option to buy up to an additional 14.25 million share to cover any over-allotments.

It is expected Ally’s stock will trade on the New York Stock Exchange with the symbol “ALLY.”

Statement from January

The latest movement follows news in January, when Ally issued the following statement from chief exectuive officer Michael Carpenter regarding the the U.S. Treasury's sale of  its common stock.

“The U.S. Treasury has completed a private placement of approximately $3 billion in Ally common stock and, including this transaction, the U.S. taxpayer has received approximately 89 percent of the investment made in Ally,” Carpenter said in the statement released Jan. 12.  “This is a very positive outcome for Ally and for the U.S. taxpayer, and the strong investor interest is a testament to the significant transformation of the company.

“In the fourth quarter of 2013, Ally completed a series of strategic actions, including: raising common equity, achieving a non-objection to our CCAR plan, gaining approval for the ResCap Chapter 11 Plan, returning $5.9 billion to the U.S. Treasury, reaching a settlement with the CFPB and the Department of Justice, and being granted Financial Holding Company status.  These actions, coupled with the strength of our ongoing business, position Ally to complete its plans to exit TARP and to continue to build upon our thriving franchises.”