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World's biggest IPO
Source: Agencies |
November 29, 2010, Monday
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Print Edition
Print Edition
GENERAL Motors Co's initial public offering has become the world's biggest at US$23.1 billion after underwriters swiftly took up additional shares.
The added shares vaulted GM past the Agricultural Bank of China's US$22.1 billion IPO in July and underscored strong demand for the taxpayer-rescued auto maker's stock.
GM said underwriters led by Morgan Stanley, JPMorgan Chase & Co, Bank of America Merrill Lynch and Citigroup Inc, exercised their full option on an additional 71.7 million common shares worth US$2.37 billion.
They also exercised an option to purchase 13 million preferred shares for US$650 million.
Underwriters had 30 days from the IPO to exercise the options.
The added shares vaulted GM past the Agricultural Bank of China's US$22.1 billion IPO in July and underscored strong demand for the taxpayer-rescued auto maker's stock.
GM said underwriters led by Morgan Stanley, JPMorgan Chase & Co, Bank of America Merrill Lynch and Citigroup Inc, exercised their full option on an additional 71.7 million common shares worth US$2.37 billion.
They also exercised an option to purchase 13 million preferred shares for US$650 million.
Underwriters had 30 days from the IPO to exercise the options.
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