The day we’ve all been waiting for is here at last: General Motors has announced the commencement of its public offering today.
The IPO will consist of 365 million shares of common stock that GM estimates to sell for between $26-29 per share, netting a possible $9.5-10.6 billion.
The offering will also include 60 million shares of Series B mandatory junior preferred stock that has a liquidation amount of $50 per share, totaling a valuation of $3 billion.
In total, General Motors expects to raise $13 billion in this first IPO round, divesting nearly 22 percent of the U.S. Treasury’s $50 billion stake.
While the offering has commenced, GM reminds us (in the press release below) that this is not an offer to purchase shares, that the offering does not mean that these securities are guaranteed to be sold at all, and that while an SEC filing has occurred, it has not yet become effective.
Stay tuned to GM Authority – the Ultimate Independent General Motors Enthusiast Publication – as we learn more.