Chrysler Files For $100 Million IPO
Chrysler Group LLC has filed for a $100 million initial public offering (IPO). About 41.5% of Chrysler is owned by the United Auto Workers. Chrysler said that the UAW trust will receive net proceeds from the offering.
Chrysler reported two consecutive full-year profits, which has strengthened Fiat’s financials. The auto companies suffered from slow sales in Europe though.
Chrysler’s revenues for the first 6 months of the year totaled $33.4 billion, which is up less than 1% from a year ago. Net income is down 26% to $673 million.
Chrysler’s local rivals General Motors and Ford Motor Company has seen their stocks gain in the past year. GM went bankrupt and returned to the public market again in late 2010. J.P. Morgan Chase & Co. is listed as the main underwriter for the IPO.