Mr. Shaman
Senior Member
- May 4, 2010
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November 16, 2010
Upsized GM IPO Could Be Biggest Deal Ever
"General Motors Co GM.UL is boosting the size of its common stock offering by more than 30 percent to $15.5 billion, two people familiar with the matter said, potentially making its landmark IPO the largest offering ever.
The expansion is in response to surging demand from investorshttp://www.reuters.com/article/idUSTRE6AB43H20101117, who had put in orders worth of $70 billion for GM's common shares by late on Tuesday, the sources said.
GM's initial public offering, which will reduce the U.S. Treasury to a minority shareholder in the top U.S. automaker, could raise nearly $23 billion if underwriters exercise the full overallotment option.
If the GM IPO performs well, it could trigger a shift in public sentiment about the Obama administration's unpopular bailout of the U.S. auto industry in 2009, Coulter said.