GM could file a registration for its initial public offering of stock on Friday

Article by Christian A., on August 27, 2010

General Motors Co.'s registration for its initial public offering of stock could be filed as early as Friday, a day after its quarterly results come out, according to three sources. The IPO filing was supposed to take place in mid-August.

Last week, GM CEO Ed Whitacre said that the company had no plans to file a registration in the near term, leading to concerns that the timing had slipped.

One of the sources said that the timing of the IPO filing has yet to be set and depends on GM's progress in securing a credit facility.

GM, which is 61%-owned by the US government, is relying on the momentum from its second consecutive quarter of profits to help it get a $5 billion bank credit facility as it readies for a stock offering by year end.

It was CNBC that broke the report that the timing for the GM IPO filing could be this Friday. To date, GM has made no comments.

GM and White House officials have repeatedly said that they expect to complete a stock offering by the end of 2010.

It's anticipated that GM will file for an IPO worth up to $20 billion, making it the biggest US IPO since Visa Inc.'s $19.7 billion offering in March 2008 and one of the biggest IPOs ever.

If GM IPO is successful, it will support the Obama administration's argument that its intervention in the US auto industry in 2009 saved jobs and has been a financial success.

Topics: gm, ipo, united states

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