It’s been a long time coming and rumored to death in the last few months, but General Motors has officially filed in the paperwork for its impending Initial Public Offering.
This is the moment many American tax payers were waiting, as their money saved GM last year.
The US automaker is ready to go public, and will offer preferred stock in order to raise an estimated $16 billion. The US treasury will be selling around a fifth of the 304 million common shares, in order to recoup the financial investment from summer of 2009.
The IPO will be led by reputed banks such as Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. A date has yet to be established for the IPO, but you’d better have your broker ready in the following weeks.
Source: General Motors
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