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Detroit MI Automaker GM Announces IPO at $13 billion

December 17th, 2010

Detroit MI Automaker GM Announces IPO at billion

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Detroit MI Automaker GM Announces IPO at billion

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Detroit MI Automaker GM Announces IPO at billion

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Posted: Nov 05, 2010 |Comments: 0

DETROIT M.I. – Detroit MI followers of General Motors’ IPO should know the automaker has announced its IPO to total billion.

General Motors reported that it expects third-quarter earnings to total .9 billion to .1 billion on revenue of about billion according to The Wall Street Journal. GM believes it will be profitable in the fourth quarter, but possibly lower than other months this year. GM also reported that U.S. sales climbed 3.5 percent overall and the company had a 13 percent growth in October for its main four brands.

The IPO is offering 365 million shares of common stock—normal shares which represent ownership for stockholders and the right to vote on company business, but whose shareholders are last in receiving funds should the company go bankrupt—which will be priced from .00 to .00 per share.

Detroit MI potential shareholders will also have the option of GM’s Series B mandatory convertible junior preferred stock—shares that guaranteed priority in the payment of dividends but whose holders have no voting rights—with a liquidation amount of per share. Only 60 million shares will be offered for the preferred stock.

According to a GM press release, unless the holder of the preferred stock converts the stock earlier than the three years after the original issue date, the Series B preferred stock will automatically convert on the mandatory conversion date. In other words, shareholders can either wait for the maturity date to get the full value, which is three years after the stock is purchased, or they have the option to mature to its value earlier.

General Motors is expected to sell million worth of stock, 24 percent of its projected market value, while the U.S. Treasury wants to sell billion of its shares to cut out some of its stake after bailing GM out last year.

Some Detroit MI insiders are very optimistic that General Motors is on the right track as the IPO will continue to help the automaker move forward.

[Source(s): General Motors, The Wall Street Journal.]

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detroit mi, ipo, general motors

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Detroit MI Automaker GM Announces IPO at $13 billion

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