On Monday, Chrysler Group LLC filed for an initial public offering (IPO) valued up to USD100 million. The move could slow majority owner Fiat SpA's plans to take full ownership of the US car maker.
JP Morgan was hired to be the underwriter for the offering, said Chrysler in a securities filing posted more than four years. This was after the third biggest US car maker emerged from a government sponsored bankruptcy.
The shares of stock to be put up on sale were not disclosed by Chrysler. The net proceeds of the IPO would go entirely to the trust for retired workers.
The United Auto Workers retiree healthcare trust fund, Chrysler's minority shareholder, decided to sell part of its stake in the automaker. The decision of UAW was set last January to sell 41.5% stake in Chrysler through an IPO.
Chrysler and Fiat's CEO Sergio Marchionne said in mid September that an IPO would take place in the first quarter of 2014.
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