Report: General Motors may file for IPO as soon as next week
 

Filed under: GM, Earnings/Financials

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It looks like General Motors could file its first paperwork for an initial public stock offering as soon as next week. The IPO registration is the first step in the process of getting approval from the Securities and Exchange Commission to become a publicly traded company again. A stock sale could come as soon as November and probably no later than early 2011.

At this point it appears that most of the shares to be sold will come from the block held by the United States Treasury, which accounts for 60.8 percent of the automaker. The Treasury would like to start unloading its stake as soon as possible and preferably before this year's election. Roughly one third of the government's holdings are expected to be sold in what may well be the biggest IPO of all time. Depending on the IPO price, the sale could bring in anywhere from $10-20 billion for what would be about 20 percent of the company. At the time of its bankruptcy last year, GM's market capitalization was barely $700 million.

[Source: The Detroit News | Image: Stan Honda/Getty]Report: General Motors may file for IPO as soon as next week originally appeared on Autoblog on Wed, 23 Jun 2010 11:31:00 EST. Please see our terms for use of feeds.



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