GM IPO to raise about $13 billion
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http://money.cnn.com/2010/11/03/news...dex.htm?hpt=T2
NEW YORK (CNNMoney.com) -- General Motors plans to sell up about $13 billion in common and preferred shares as part of its initial public offering, one of the largest in U.S. history.
GM said it intends to sell almost a quarter of its 1.5 billion shares of common stock, at a price between $26 to $29 a share. It also intends to sell 60 million shares of preferred stock with a liquidation value of $50 a share.That price range would suggest that the Treasury Department's 60.8% stake in the company would be worth between $23.7 billion to $26.5 billion once the stock starts trading. That value would be well below the $40 billion in taxpayer money GM received from the government and has yet to repay.
But Treasury has indicated it will hold onto most of its stake for an undetermined time to avoid flooding the market with GM shares and driving down the price.
The price that Treasury eventually gets from those future sales will determine whether taxpayers make a profit on the bailout.
Some analysts estimate GM could be worth more than $45 a share when it starts trading, a price that could bring a profit for taxpayers. Other experts have doubts that it can maintain its offer price.
"If GM can't sustain its current sales momentum, share value post-IPO will plummet," said Edmunds.com CEO Jeremy Anwyl. "I still think the IPO is timed about a year too early; extra time is needed to reestablish credibility."
Treasury will become a minority shareholder in GM at the time of the IPO, although with just over a 40% stake, it will still remain the largest single shareholder.
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