GM lodges registration for IPO
American corporate giant is clear of debt and ready to trade sharesThe 'New GM' is about to snare a bunch of new shareholders. Folks are lined up for a parcel of General Motors now that the corporation has filed a registration statement for an initial public offering with the US Securities and Exchange Commission (SEC).
The biggest of the Big Three has already reimbursed the US government for loans worth US $8.1 billion (including interest), provided during the corporation's Chapter 11 bankruptcy proceedings. Now, just days after new CEO Dan Akerson was named the successor to Ed Whitacre, the company has officially informed the relevant regulatory body that it intends to offer private investors a share in the company.
The terms of this Initial Public Offering (IPO) will be outlined in a prospectus to be made available shortly from the SEC's website (http://www.sec.gov), but the number of shares to be issued and the price for the shares will only be decided by prevailing market conditions at the time of the IPO.
A number of companies will act as "joint book-running managers" for the IPO, including: Morgan Stanley and J.P. Morgan, BofA Merrill Lynch, Citi, Goldman, Sachs & Co., Barclays Capital, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets, and UBS Investment Bank.
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