GM’s IPO grew to $23.1 billion
By Andrew, 29 Nov, 2010. 0 Comments
GM Renaissance Center
The U.S. government’s stake in General Motors Co. was reduced further as the underwriters in its initial public offering exercised options to purchase an additional $2.37 billion of common stock. In a statement, GM said that the banks had chosen to buy 71.7 million common shares more from the selling investors as well as an additional 13 million preferred shares. As a result, the total value of the offering got a boost to $23.1 billion (including a sale of preferred shares). As the banks make this share purchase, CEO Dan Akerson is brought closer to his goal of returning the $49.5 billion GM got in a taxpayer bailout last year. On the New York Stock Exchange today, GM shares increased 32 cents, or 1%, to close at $33.80. [via autonews - sub. required]
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