Chrysler appoints four underwriters, targets December IPO
American automobile manufacturer Chrysler Group LLC has added four banks to help underwrite its proposed initial public offering (IPO). Chrysler looks to launch the deal as early as December.
In a report by Reuters, it said that investment banks Barclays Plc, Goldman Sachs Group, Morgan Stanley and UBS AG have been appointed as joint bookrunners in the public float. JPMorgan Chase & Co. and Bank of America Merrill Lynch would serve as co-lead managers.
Chrysler's IPO could start pricing in December, the report said.
Reuters sources said that Chrysler went public after majority shareholder Fiat SpA failed to close a buyout deal with its second-largest shareholder, the United Auto Workers Union retiree healthcare trust. The automaker filed for an IPO in late September.
Chrysler, labeled as one of the Detroit Three by Businessweek, is one of the biggest car manufacturers in the US. It is a subsidiary of Italian multinational automobile manufacturer Fiat SpA, Reuters said.
Based on its latest financial report, Chrysler had a revenue of USD65.78 billion and a total of USD 40.97 billion assets under management.