GM sets stock price for second-biggest IPO in American history

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Source: Reuters

$33 a share could raise up to $22.7 billion, allowing automaker to pay U.S.

General Motors Co's landmark stock sale is now set to raise up to $22.7 billion -- the biggest initial public offering in history -- allowing the U.S. government to drastically cut the stake it acquired when it rescued the iconic automaker in 2009.

As investors clamored for the shares -- they have ordered more than four times the amount on offer -- GM increased the number of common shares on offer by a third Wednesday. The revised IPO terms could cut the U.S. government's controlling stake to as little as 33 percent.

Shares will be priced at $33, CNBC reported, the high end of a range that was also increased.



Read more: http://www.msnbc.msn.com/id/40239242/ns/business

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Marketwatch says
second-biggest IPO in American history
http://www.marketwatch.com/story/gm-prices-ipo-at-33-a-share-cnbc-reports-2010-11-17-1625470?dist=afterbell

[tomm2thumbs]

1. it does make one wonder

if now that they are rolling in the dough again, say 'oh yea, thanks taxpayers for the loan' and then proceed to move a hefty portion of their production out of America and over to China.

would it surprise anyone?

[doc03]

2. I won't be clamoring for any GM stock, bought my last GM

lemon back in 77 and haven't seen anything lately to get excited about.