Chrysler has filed for an initial public offering after the United Auto Workers (UAW) healthcare trust decided it would sell a portion of the shares it holds in the automaker.
The UAW Retiree Medical Benefits Trust, which owns 41.5% of Chrysler, will receive all of the net proceeds from the offering of up to US$100 million. Italy’s Fiat owns the rest of the company.
The number of shares to be offered and the price range for the offering haven’t been determined.
The healthcare trust received a large stake in Chrysler after the automaker emerged from bankruptcy in 2009.