U.S. commercial duty automatic transmissions manufacturer, Allison Transmission, is seeking to launch an initial public offering (IPO), Financial Times reports. The company is considering raising around $1 billion in the third quarter of the year, adds Reuters.

Citigroup, Credit Suisse, Bank of America Merrill Lynch, JPMorgan Chase and Morgan Stanley have been appointed to be the lead underwriters of the offering. The financial details of the IPO were not confirmed by the company.

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