US$10b for GM's IPO
Source: Agencies |
November 3, 2010, Wednesday
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Print Edition
Print Edition
THE sale of General Motors stock is expected to raise about US$10 billion in an initial public offering that will reduce the United States government's stake in the auto maker below 50 percent, three people briefed on the sale said on Monday.
GM common stock is expected to sell for between US$26 and US$29 a share when the IPO takes place around November 18, according to the three people, who asked not to be identified because they are not authorized to speak on the matter. That would value the company at more than US$46 billion - roughly on par with crosstown rival Ford Motor Co.
US taxpayers, who bailed out GM last year, would see their ownership stake drop from 61 percent to around 43 percent, the people said.
GM common stock is expected to sell for between US$26 and US$29 a share when the IPO takes place around November 18, according to the three people, who asked not to be identified because they are not authorized to speak on the matter. That would value the company at more than US$46 billion - roughly on par with crosstown rival Ford Motor Co.
US taxpayers, who bailed out GM last year, would see their ownership stake drop from 61 percent to around 43 percent, the people said.
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