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Chrysler starts IPO

by David Zatz on

IPO-shareAs predicted, Chrysler has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) to propose selling common shares to the public. The number of shares to be offered and the price range for the offering have not yet been determined; they will be sold by the UAW Retiree Medical Benefits Trust (“VEBA”) alone.

J.P. Morgan Securities LLC will be the lead book-running manager of the offering. A copy of the preliminary prospectus, when available, may be obtained by contacting J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling (866) 803-9204.

The start date of the stock sale will be “As soon as practicable after the effective date of this Registration Statement,” according to the filing. The estimated maximum value of the stock will be $100 million.

Chrysler Group LLC is a Delaware limited liability company formed on April 28, 2009; just before the sale, it will be renamed Chrysler Group Corporation (remaining within Delaware). The company will apparently not return to the old name, “Chrysler Corporation,” permanently lost in 1998. Fiat North America LLC was formed on May 14, 2009 as a wholly owned Delaware company, to hold Fiat’s  interest in Chrysler Group — which started out at 20% and is now at 58.5%.  As part of the deal, Fiat North America LLC will be absorbed into Chrysler Group Corporation, which will adopt the FNA accounting system.

For the twelve months ended June 30, 2013, Chrysler shipped 2.4 million vehicles worldwide, generating around $66 billion in net revenue, $1.6 billion in net income, and $5.2 billion in modified EBITDA. The registration statement did not provide the stock exchange for the listing (though it did identify September 2013 as the retail availability for Jeep Cherokee, and 2014 as the arrival date for the B-SUV, coded BU, on the jointly-developed  “Small Wide” platform.)

[PDF version of the filing.]

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