GM's IPO Reportedly to Price Nov. 17
DETROIT ( TheStreet) -- General Motors' initial public offering is expected to price on Nov. 17 with the shares making their public debut the following day, a report says.
GM plans to begin courting investors for its IPO the day after the Nov. 2 midterm congressional elections in the U.S., Reuters reports, citing two sources familiar with the plans.
Waiting until after the elections would also allow bankers to possibly tout GM's third-quarter results to investors although the automaker has cautioned that the second half of the year will show a slowdown from the first half, Reuters notes.
On Aug. 18, GM filed for its IPO, saying some shareholders will sell common stock while the company will issue convertible junior preferred stock. The stock will trade on the New York Stock Exchange and the Toronto Stock ExchangeThe IPO could be worth as much as $20 billion, according to Reuters. General Motors reported Wednesday that sales in August fell 25% from a year earlier, reflecting tough comparisons with August 2009 when "Cash for Clunkers" stimulated buying. -- Written by Joseph Woelfel
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