General Motors Co’s underwriters exercised their full overallotment option, making the initial public offering of the U.S. automaker the biggest in the world, at $23.1 billion. Get the full story »
Inside these posts: Initial public offering
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U.S. Treasury plans to reduce GM stake to 37%
The U.S. Treasury will raise gross proceeds of at least $11.8 billion in the General Motors Co. initial public offering, reducing its ownership stake in the bailed-out automaker to just under 37 percent. Get the full story »
GM IPO raises $20.1 billion, biggest ever in U.S.
General Motors raised $20.1 billion in the biggest U.S. initial public offering in history, pricing the shares at the top of the proposed range in response to huge investor demand.
GM sold 478 common shares at $33 each, raising $15.77 billion, as well as $4.35 billion in preferred shares, more than the initially planned $4 billion. Get the full story »
GM offering may leave out many small investors
When General Motors finally offers stock to the public later this week, small investors will probably be left out in the cold.
Pension funds, mutual funds and other big institutions all want a piece of the rehabilitated GM. That means the three dozen banks divvying up the new shares may not have much left for individual investors.
And being left out of the initial public offering can mean being left out of some big profits: Shares of newly public companies sometimes jump 10 percent or more on the first day of trading, handing easy money to those lucky enough to get access at the offering price.
General Growth shares price at $14.75 each
General Growth Properties Inc. priced 135 million shares at $14.75 per share on Monday, as part of a plan to raise $1.99 billion to repay investors who helped finance the No. 2 U.S. mall owner’s exit from bankruptcy. Get the full story »
GM: ‘Unauthorized’ e-mail cost UBS an IPO spot
General Motors confirmed on Wednesday that it has dropped one of the proposed underwriters of its initial public offering due to an “unauthorized” e-mail sent by an employee of the bank. Get the full story »
GM’s $13 billion IPO to cut Treasury stake to 43%
General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.
GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.
The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »
GM says it expects 3Q earnings from $1.9B to $2.1B
General Motors Co. says it expects net income of $1.9 billion to $2.1 billion when it announces third-quarter results next week.
The earnings forecast was announced ahead of an expected filing with federal regulators giving details of the company’s initial public stock offering. Get the full story »
GM’s tax break worth as much as $45 billion
General Motors can get a tax break of up to $45 billion as part of its U.S. government-financed restructuring, documents filed with federal regulators earlier this year showed.
The Wall Street Journal earlier reported that GM would not have to pay federal taxes on up to $50 billion in profits. A later version of this story revised this figure to about $45 billion.
This figure also includes $18.88 billion of carry-forwards, according to the automaker’s annual filing from April. Get the full story »
GM can avoid federal taxes on $50B of profits
General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported. Get the full story »
Ford stock rally could be boon to GM IPO
Ford Motor Co.’s emergence as Detroit’s darling may have fueled jealousy at General Motors Co headquarters, but the archrival’s rising shares could help GM as it readies its landmark return to public markets. Get the full story »
GM to repay taxpayers $2.1B as it prepares for IPO
In a series of moves that pave the way for an IPO and strengthen its finances, General Motors Co. said on Thursday it would repay $2.1 billion to U.S. taxpayers and make early payments to pension and retiree health plans.
The announcement comes just days before bankers are expected to begin a road show for potential investors in an initial public offering that would allow the U.S. government to start to reduce its stake in the top U.S. automaker.
Get the full story »
First Wind IPO could face turbulent debut
Wind farm owner and operator First Wind Holdings Inc., which is planning a $300 million IPO for next week, may be a risky bet in the current energy climate.
The Boston-based company, mostly owned by private equity firm Madison Dearborn and hedge fund operator D.E. Shaw foresees rapid growth. By 2014, First Wind plans to have 1900 megawatts in operation or under construction. One megawatt produces enough power to meet the electricity needs of 800 typical American homes. Get the full story »
GM clarifies chairman’s comments about IPO
General Motors is clarifying comments made earlier this week by Chairman Ed Whitacre about the automaker’s expected initial public offering.
Whitacre told reporters in San Antonio on Wednesday that GM’s IPO would take place sometime in November and shares would be priced from $20 to $25 per share. Get the full story »
