Ally Financial stock skids in initial trading

Ally Financial may have held the largest initial public offering of the year, but its shares failed to shine as the stock made its market debut.

The Detroit-based company is the former financing arm of General Motors and received a $17.2 billion bailout by the U.S. government during the financial crisis. Ally has since transformed itself into a company focused on U.S. auto lending and banking.

Its offering of 95 million shares priced at $25 each raised $2.38 billion - the largest offering thus far in 2014. But investors showed little enthusiasm for the stock, sending it down 2 percent to $24.45 by midday Thursday.

The money from Ally's offering goes to the federal government to help make taxpayers whole.

Ally shares fell 54 cents — a 2 percent drop — to $24.45 by midday.