Posts Tagged ‘GM IPO’
GM IPO Raises $20 Billion Selling Common, Preferred
Nov. 17 (Bloomberg) — General Motors Co. raised more than $20 billion selling common and preferred stock in an initial public offering that reduced the U.S. government to a minority shareholder.
GM’s owners, including the U.S. Treasury, sold at least $15.8 billion of common shares at $33 each, making it the second-largest U.S. IPO on record after Visa Inc.’s $19.7 billion sale in March 2008, a statement showed. An overallotment option and a sale of preferred shares may boost the total raised to $23.1 billion, more than the $22.1 billion sold by Beijing- based Agricultural Bank of China Ltd. in the largest IPO of common stock in history.
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GM IPO boost good news for U.S. taxpayers
General Motors expanded its initial public offering Wednesday by 31 percent, bringing taxpayers and the Treasury Department closer to recouping their huge investment in the revitalized American automaker.
GM said in a statement it would increase the planned offering of common stock to 478 million shares from the previously expected 365 million shares, a sign of stronger-than-expected demand for a stake in the automaker that is just 16 months out of bankruptcy protection.
The move, coupled with an expected stock price of up to $33 per share, would bring the U.S. government closer to getting back the $50 billion it spent bailing out GM last year. It could also make GM’s IPO the largest in history for a U.S.-based company.
GM IPO May Raise Record Amount
GM IPO May Raise Record Amount
General Motors Co. said Wednesday that it will increase the size of its initial public offering by about 30% to 478 million shares, which could make it the largest global IPO in history.
The move, which came despite broad stock market losses Tuesday, is a response to stronger-than-expected demand for shares in the auto maker, which is generating solid profits after last year’s U.S. government-orchestrated bankruptcy.
Earlier Tuesday, GM confirmed it would raise the expected price for shares sold in its IPO to a range of $32 to $33 from the previous $26 to $29. GM also plans to sell up to $4.6 billion of preferred stock, up from $3 billion previously planned. The IPO will be priced Wednesday after the U.S. stock markets close and the shares will start trading Thursday.