General Motors much anticipated initial public offering will price today.
The company revised the IPO by 31% and could raise as much as $22.7 billion dollars, making ith the largest stock offering in U.S. history. The automaker raised it's common stock price range just yesterday, and upped the preferred shares to $4 billion dollars. The company received share orders for it's common stock worth $70 billion dollars.
The auto company sought a government bail out just 16 months ago. GM received $50 billion in taxpayer dollars, and hopes to repay the feds as soon as possible.
Showing posts with label GM IPO. Show all posts
Showing posts with label GM IPO. Show all posts
Wednesday, November 17, 2010
GM Increases IPO Size Ahead of Today's Sale
"Businessweek.com is reporting that General Motors' IPO may end up raising $15.8 billion after the Treasury and United Auto Workers' retiree healthcare trust increased the shares they are selling.
In what would be the second largest initial sale in U.S. history behind Visa's $19.7 billion sale in March 2008, GM's IPO has now been upped to 478 million shares, a 31% increase, and prices of shares are as high as $33/share.
Overallotment and an offering of preferred shares may increase the total amount raised to around $22.7 billion, a step closer to CEO Dan Akerson's goal of returning the $49.5 billion taxpayer bailout the company received in 2009."
In what would be the second largest initial sale in U.S. history behind Visa's $19.7 billion sale in March 2008, GM's IPO has now been upped to 478 million shares, a 31% increase, and prices of shares are as high as $33/share.
Overallotment and an offering of preferred shares may increase the total amount raised to around $22.7 billion, a step closer to CEO Dan Akerson's goal of returning the $49.5 billion taxpayer bailout the company received in 2009."
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