GM IPO biggest ever at $20.1 Billion

[cbdo2007]

GM IPO biggest ever

NEW YORK (CNNMoney.com) -- General Motors will raise a record $20.1 billion in its initial public offering. The automaker priced its common shares at $33, the upper end of its price range, Wednesday evening.

GM's common shares will begin trading Thursday morning on the New York Stock Exchange under its traditional GM stock symbol. The company will raise far more than the $13 billion it had projected, when it first announced price details for its IPO earlier this month.

Early Thursday morning, GM's partner in China, SAIC Motor Corp., announced it had bought 1% of GM's shares as part of the IPO. China has become the largest market for auto sales in the world, and fast growth is expected to continue there for the foreseeable future. Through its overseas partnerships, GM will sell more cars in China than in the United States for the fist time in 2010.

"All of us at GM are excited about this historic milestone," said GM Chief Financial Officer Chris Liddell in a statement announcing the pricing. "We are especially appreciative of those who stood by us through the toughest times."

http://money.cnn.com/2010/11/17/news/companies/gm_ipo_pricing/index.htm?hpt=T1
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Doesn't seem like a good idea to sell this at the "upper end" of the price range. I'm guessing in 6 months it will be below $25.

[Kolesar]

1. yes, it seems like a good idea to me...

...to sell GM at the "upper end" of the price range.

I drove to work today
in my Chevrolet!

[dipsydoodle]

2. GM gained 7.6 percent to $35.50 at 9:43 a.m

http://www.bloomberg.com/news/2010-11-18/general-motors-returns-to-nyse-after-raising-20-billion-in-ipo.html

Prior to the sale :

Canada and Ontario rejected a U.S. offer to sell more shares in General Motors Co.’s $15.8 billion initial public offering this week, allowing the Canadian governments to benefit if the automaker’s shares rally.

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“We feel that it is the adequate balance between being part of the IPO, which we have always said we would be, and at the same time doing so in a way where we are going to chunk it out over time to try and maximize taxpayer protection,” Canadian Industry Minister Tony Clement said today.

http://www.bloomberg.com/news/2010-11-17/canada-said-to-resist-u-s-push-to-sell-more-gm-shares-in-public-offering.html

Good to see at least one goverment looking after its own taxpayers.