(GM IPO story updated with report of increase retail investor IPO allocation)
will likely delay its eagerly-awaited IPO registration filing until next week.
reported Friday afternoon that the company had planned to file Friday but decided to delay because of Thursday's two big announcements -- Dan Akerson will succeed Ed Whitacre as CEO and the automaker's $1.3 billion profit.
The pricing and sale of GM stock to the public, likely to occur late in the year, will constitute a referendum on the success of the Obama administration, which provided about $50 billion in aid to GM in 2009 in exchange for 61% of the company. A well-received IPO would underscore the wisdom of the investment.
There have been conflicting reports all week about when GM would file, and many people expected the company to file today.
On the GM earnings call on Thursday, a reporter asked CFO Chris Liddell whether he should cancel a planned day off, scheduled for Friday. Liddell acknowledged the reporter's effort at getting IPO-related information, but nevertheless declined to comment.
Late on Friday, there was a report from
that the GM IPO might include an allocation of up to 30% to retail investors. A high-end 20% allocation of an IPO stock flotation to retail investors is considered the norm.
The lead underwriters for the GM IPO are expected to be Bank of America, Citigroup, JPMorgan Chase and Morgan Stanley, according to
, with as many as eight additional banks in the syndicate.
-- Written by Ted Reed in Charlotte, N.C.