GM Could File IPO Today
DETROIT (
) --
General Motors/
is expected to file its IPO as early as today, according to press reports.
The Associated Press
reported that GM will likely file registration forms for its initial public offering with the Securities and Exchange Commission as soon as late Tuesday. The
AP
and
The Detroit News
, both citing sources familiar with the public offering, said shares would be priced between $26 and $29 and the IPO would raise around $10 billion.
|
After the sale, the government's stake in the automaker would drop from 61% to 43%, the reports said. The government would get most of the money from the sale and going forward, it could sell additional stock to further reduce the $40 billion balance left unpaid from the $50 billion it lent to GM.
Stock in the new GM is expected to start trading on the New York Stock Exchange, as well as the Toronto Stock Exchange, on Nov. 17, said
The Detroit News
. The newspaper reported that the company will set the final price after gauging market demand during a two-week road show that will begin on Wednesday.
-- Written by Ted Reed in Charlotte, N.C.
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Ted Reed
