Auto parts supplier Delphi Automotive PLC filed for a $100 million initial public offering, following former owner General Motors Co. back to public ownership, The Associated Press reports.
It’s the latest auto-industry company to seek out an IPO as auto sales recover from their plunge during the recession. GM’s IPO last November raised $23 billion. Chrysler LLC could go public at the end of this year, its CEO has said. Electric car maker Tesla Motors Inc. went public in 2010.
GM’s former finance arm, Ally Financial Inc., has also signaled it wants to go public.
Delphi was spun off from GM in 1999. Weighed down by high labor costs, production cuts at GM and increasing foreign competition, the auto supplier went into bankruptcy protection in 2005, at that time the largest bankruptcy protection filing for the auto industry ever.
The Troy, Mich., company exited bankruptcy when it was acquired by a group of private investors in 2009.
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