Davis Polk, Cahill, S&C Handle Year's Biggest IPO to Date

, The Am Law Daily

Three years after first filing to go public in a bid to repay a $17.2 billion federal government bailout, Ally Financial, the former finance arm of auto giant General Motors, raised nearly $2.4 billion in an IPO Thursday that sees principal investor the U.S. Treasury Department slash its stake in the company. Davis Polk & Wardwell, Cahill Gordon & Reindel and Sullivan & Cromwell are advising on the offering, the latest to hit surging U.S. capital markets in recent weeks.