GM General Motors IPOAfter months of anticipation General Motors has priced its stock at $33 a share in its initial public offering slated to begin official trading Thursday in New York.

The figure is at the high end of the offer, which in recent days saw its range rise from the initial range of $26 to $29 a share. The Detroit automaker is looking to raise nearly $23 billion through the sale of a combination of both common and preferred shares.

If GM's underwriters exercise an "overallotment" option, which is expected, the resurgent automaker's IPO could be the world's largest, when measured by amount of money raised, The Wall Street Journal reported.

The sale of stock would effectively reduce the U.S. government's stake in the company to around 40% from the current 61%. The government acquired its stake as part of the bankruptcy process GM agreed to last year.

U.S. taxpayers are owed some $50 billion from the rescue of GM, which so far has returned $9.5 billion. Treasury is seeking to recoup the rest through the sales of stock during the next couple of years.

Underwriters of the offer expect shares to rise 10% to 20% in first-day trading, the Journal reported, citing unnamed sources familiar with the IPO.

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Ron

I am another retiree who got left out of the IPO because I sleep beyond 6:00AM. It's obvious they have again screwed the little guy who has given a lifetime of service, in favor of China & big Institutional buyers. Shame,shame on GM Co.

November 18 2010 at 2:40 PM Report abuse +2 rate up rate down Reply
Donna Lee

ok what happens to those that already have Motors Liq Co in their Portfolios

November 18 2010 at 1:29 PM Report abuse rate up rate down Reply
william

As a current G.M. employee of 42 years,I am dismayed and despondent at the way I have been treated! This morning, upon opening my e-mail,I'm informed that as of 6:00 A.M. EST, I can't purchase the 800 shares of G.M. stock at the IPO offering price,because I'm too late in responding! It seems that after I went to bed last night, I was sent an e-mail informing me that if I didn't respond by 6:00 A.M. today, I would be eliminated from the program that I've waited months to participate in! At about 6:30 a.m.(well before the stock market opened)I began attempting to rectify this situation! After many phone calls to Morgan Stanley, the SEC, the Detroit Free Press and G.M., all give me the same response, " If you snooze, you loose" !!Do you think less than 12 hours notification is fair? I don't! Please HELP!! Thank you, WJBRKR924@aol.com

November 18 2010 at 12:09 PM Report abuse +1 rate up rate down Reply
John

Obama just help pass another 35 billion tax brake for GM, how fair is this to the other car companies in the US. Obama will not be happy until the goverment owns all the car companies.

November 18 2010 at 10:59 AM Report abuse +5 rate up rate down Reply
1 reply to John's comment
hkssupratt

Actually, according to the WSJ, it's about $45 billion

November 18 2010 at 2:33 PM Report abuse rate up rate down Reply
beeker7529

JUNK

November 18 2010 at 10:44 AM Report abuse +3 rate up rate down Reply
betoney8

If you buy into them, get 10-15% and sell, get out. There is are no auto manufactures that are worth investing into. China will have a hefty share of GM. Too many companies in the game for sound investment.

November 18 2010 at 10:39 AM Report abuse +2 rate up rate down Reply
cvdunbar

Landmark? they make it sound as if this is a new car compnay comeing to town. Now if we had let nature take its way, they would not be around and maybe a new car company would be the landmark of change coming to town.

November 18 2010 at 10:31 AM Report abuse +2 rate up rate down Reply
cvdunbar

Waht deals will the tax payers see on the showroom? what kind of deals will you see from your service department? you will see nothing in return for saving there azz. Nothing.

November 18 2010 at 10:18 AM Report abuse +2 rate up rate down Reply
tonycgi

Won't buy their stock, nor their cars till they fix the union contracts that put them their in the first place.

November 18 2010 at 10:17 AM Report abuse +3 rate up rate down Reply
1 reply to tonycgi's comment
ajschrod

tony: I think that's about to happen. Supply cos. like Delphi are now in a two-tier pay system with new hires starting at about half the rate regular GM workers earn. Even veteran union people will (secretly) admit their pay/benefits are unrealistic, and that is now changing. if you want to play the anti-union game to justify buying a Jap-named car, that excuse won't last much longer! Detroit has learned many lessons from them, however, and work-rules, production methods and near-parity with what domestic Toyota workers earn will stabilize car production in America once more.

November 18 2010 at 10:32 AM Report abuse +2 rate up rate down Reply
cvdunbar

for all of you who think the baiulout was great, you own a GM car, its just that it's not sitting in your driveway, its called taxes. So when you run out to buy a new GM ask yourself this, is this a good deal?

November 18 2010 at 10:14 AM Report abuse +2 rate up rate down Reply