GM’s Stocks Raises to $20.1 Billion
As per record, GM’s move to raise its stocks to $20.1 Billion on its initial public offering is the biggest ever. The stock is priced at $33 per share on Wednesday but the share trading will start Thursday at the New York Stock Exchange. GM is still using its old stock exchange symbol which is GM.
There’s currently a strong demand on GM’s share which started building up several days ago. And by Wednesday morning, GM announced that it will be selling 31 percent of its common share as well as its preferred shares.
It was noted that GM received last year the $50 Billion bailout from the US Federal government which resulted to the government’s owning of its 61 percent share. It already returned $9.8 Billion to the government. And then about $11.8 Billion of the proceeds from the selling of its common and preferred shares this time will be returned again to the government.
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