NEW YORK (TheStreet) -- GM is anticipated to price its initial public offering at $30 per share at a minimum according to a Reuters report citing two undisclosed sources.
As of last week, media reports said the IPO would likely price in the range of $26 to $29 per share.
, GM at a diluted share count of 1.9 billionand share price of $30 would have a market value of roughly $57 billion. The report said if the automaker achieves market value of about $70 billion, U.S. taxpayerswould break even on their $50 billion bailout of the company.
Analysts said a successful GM IPO would reflect increasing investor confidence in the U.S. auto market and bode well for Chrysler's planned IPO for the back half of 2011.
GM is scheduled to price its IPO on Wednesday, and shares should begin trading on the New York and Toronto stock exchanges on Thursday. GM, one of the world's largest automakers, becomes a publicly-trade company again a little more than a year after going through government-supervised restructuring that gave the U.S. Treasury a 61% stake in the company.
The procedure was meant to help the company return to greater profitability.
GM's IPO may turn out to be among one of the world's largest, and the second-largest IPO behind that of
By last Friday, GM's IPO had already attracted $60 billion in orders, six times what the automaker originally expected to raise.
-- Written by Andrea Tse in New York.
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