GM CEO will be on hand for IPO at New York Stock Exchange

Posted on November 16, 2010


GM’s CEO Dan Akerson will be on hand at the New York Stock Exchange (NYSE) on Thursday to ring in the day’s trading session – the first day of GM’s new stock offering.

The IPO will mark GM’s return to the NYSE after the 17 months since the automaker went into a quick, 40-day bankruptcy turnaround in 2009. GM had been a blue-chip stock on the NYSE since 1925.

GM intends to offer 365 million shares of common stock and is hoping for a price per share of between $26 and $29. It will also be selling Series B stock, or a preferred stock, for around $50 a share.

The United States Treasury Department, which currently owns a majority stake in GM, is expected to unload 263.5 million shares at the IPO. The Canadian government, another stakeholder, says it will sell a minimum of 30.5 million shares.

GM hopes to sell around $13 billion worth of stock in the IPO – making it one of the largest in market history.

Source: Detroit News via worldcarfans

Posted in: News