GM shares traded up 6.3 percent this morning
By Andrew, 18 Nov, 2010. 0 Comments
GM NYSE Bell Ringing Photography
GM made quite a buzz on the market today as it started its initial public offering. According to the latest reports from Automotive News, GM shares traded up 6.3 percent this morning. The shares opened at $35, which is above the initial public offering price of $33. Still, the shares rose as high as $35.99 in early trading. More than 250 million GM shares traded hands as of 11:51 a.m EST.
Apparently, Gm shares began on the New York and Toronto stock exchanges, and it seems that GM will raise more than $20.1 billion. But, GM hopes to raise $23.1 billion, eclipsing the record $22.1 billion raised by Agricultural Bank of China in July.
“General Motors CEO Dan Akerson, flanked by company executives and board members along with United Auto Workers officials, rang the bell -- and revved the engine -- to signal the trading of new GM common stock on Thursday, 16 months after the company exited bankruptcy reorganization. The newly issued stock was sold into the market by the U.S. and Canadian governments and the UAW Retiree Medical Benefits Trust, and was expected to reduce the ownership stake of each.” stated the press release. [via autonews - sub. required]
Latest Auto Shows
