Breaking: GM initial public offering (IPO) filing expected today

Article by Christian A., on August 27, 2010

The timing of General Motors Co.'s filing with the US Securities and Exchange Commission now rests on the board as the paperwork for the initial public offering has already been completed, according to a source who asked to be anonymous because the IPO preparations are private. The source added that the filing will likely be completed today. 

GM had to update its S-1document to include a management risk factor after it was revealed that Chief Executive Ed Whitacre would be succeeded by Dan Akerson effective September 1.

Several sources confirmed that this surprising announcement was a factor that delayed GM's IPO filing by several days. 

The source added that GM's IPO would be one of the largest ever in history and is estimated to raise between $15 billion to $20 billion.

The underwriters for the stock offering are a group of 10 banks that committed to be the major group of creditors in GM's $5 billion credit line. 

Sources say that the banks include the following: Bank of America Merrill Lynch, Barclays Plc, Citigroup Inc, Credit Suisse, Deutsche Bank AG, Goldman Sachs, JPMorgan Chase, Morgan Stanley, UBS AG and Royal Bank of Canada.

The source said that more banks will be added to the credit line while the amount will be unchanged at $5 billion, lowering banks' individual commitments from $500 million each currently.

Topics: gm, ipo, united states

If you liked the article, share on:

Comments

Recommended

The BMW 7 Series is already highly sought after but nonetheless, the German marque is giving it a more exclusive variant for the Russian market, and they are calling it...
by - October 20, 2017
Several automakers including Porsche, Volkswagen, Smart and even Land Rover have all been victimized by cheap Chinese copycats. And if you haven’t seen it yet, the most recent one would...
by - October 20, 2017
The Mercedes-Benz G-Class has been around for quite some time now but to bid it farewell, the company has launched the Mercedes-AMG G65 Final Edition. Mercedes will only build a...
by - October 20, 2017
Have you ever wondered what you can you buy with $9,365 in your pocket? Well, you have quite a lot of options. In fact, you can even purchase a used...
by - October 20, 2017
The Audi A7 Sportback, whether you would like to call it a sportback or a four-door coupe, has always been a beautiful car. And this week, the 2019 model year...
by - October 20, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries