Result of GM IPO
29.11.2010
The underwriters of the GM IPO issued further shares 84.7 million shares the so-called over-allotment option (greenshoe) on the market, as GM announced on Friday evening (November 26th) in Detroit.
Most of the money goes to the US state
It concerns 71.7 million shares of the issuer, which would have brought in 2.37 billion US dollars, and another 13 million Preferred Stock, for a total of $ 650 million. The IPO has now brought the targeted result of 23.1 billion dollars, it said in the message.
Last week, the Opel parent company went public only a year after the near bankruptcy to free themselves from state custody with the income. GM had already offered the shares at $ 33 more expensive than originally planned. The shares were in high demand, so the price rose to as much as $ 35.60. The share was most recently listed on the New York Stock Exchange at $ 33.81.
Most of the money raised goes to the US state as the majority shareholder. The government had saved GM with a cash injection of 49.5 billion dollars and made a new start possible.
