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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."

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