This just in: Chrysler Group has filed for an initial public offering, with an initial registration of $US100 million.
JPMorgan is listed on the S-1 as the lead underwriter.
“As of the date of this prospectus, Fiat held a 58.5 per cent ownership interest in Chrysler Group and the [United Automobile Workers union’s] VEBA Trust held the remaining 41.5 per cent,” said Chrysler in the filing.
The “Use of Proceeds” section of the S-1 reads as follows: “The selling stockholder will receive all of the net proceeds from this offering, after deducting underwriting discounts and commissions. We will not receive any proceeds from the sale of shares in this offering, including any proceeds from the sale of shares by the selling stockholder pursuant to an exercise by the underwriters of their option to purchase additional shares.”
The “selling stockholder” referred to above is the UAW’s VEBA Trust.