Finally! GM Announces Price Of Stock Offering
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General Motors has finally announced the price of its long-awaited IPO, with the common stock having been priced at $33.00 per share.
At 478 million shares of common stock (worth $15.77 billion) and 87 million shares of mandatory convertible junior preferred stock (worth $4.35 billion), the total offering size comes in at a hefty $20.1 billion (or $23,1 billion if the underwriters take full advantage of their over-allotment options).
GM’s common stock will begin trading tomorrow, November 18, 2010, on the New York Stock Exchange under the ticker symbol “GM” and on the Toronto Stock Exchange under the symbol “GMM.” Several GM executives are expected to host an IPO ceremony at the NYSE and ring the opening bell on the exchange tomorrow morning.
For those interested, the mandatory convertible junior preferred stock will begin trading on November 18, 2010 on the New York Stock Exchange under the symbol “GM Pr B.”
GM has scheduled the closing of both offerings to take place on November 23, 2010.
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