GM Could Set IPO Record
General Motors Co. stock priced today at $33 per share — about 20% higher than originally planned — in an initial offering that could generate $23.1 billion. At that rate, GM’s would be the largest IPO ever for a U.S.-based company.
GM’s 478 million common shares will start trading Thursday morning on the New York Stock Exchange. Wall Street investment bankers may exercise an overallotment option on another 71.7 million shares.
Of the common shares to be sold, 412 million are owned by the U.S. government, which expects to recoup about $13 billion of the $50 billion it loaned GM last year.
Three months ago, when GM registered its IPO with the Securities and Exchange Commission, industry experts expected the automaker to raise between $12 billion and $16 billion in the offering.
