GM IPO is go!
Filed under: Government/Legal, GM, Earnings/Financials
As expected, following yesterday’s nationwide election proceedings, General Motors has filed the details on its forthcoming Initial Public Offering with the Securities and Exchange Commission.
Targeting a share price range of $26.00 to $29.00, the company will offer 365 million shares of common stock. GM will also offer 60 million shares of Series B mandatory convertible junior preferred stock with a value of $50/share. According to The Detroit News, GM could clear $12 billion in common stock sales and a further $3.45B in preferred stock sales.
For its part, the federal government is expected to sell 263.5 million shares or more, and the Canadian and Ontario governments will look to divest 30.5 million of its shares in the automaker. The United Auto Workers also has a healthy chunk of GM, and it will reportedly seek to sell 71 million shares.
General Motors will trade under the “GM” stock ticker on the New York Stock Exchange. For the official press release, click past the jump.
[Sources: General Motors, The Detroit News]
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GM IPO is go! originally appeared on Autoblog on Wed, 03 Nov 2010 16:14:00 EST. Please see our terms for use of feeds.
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