GM ups stock offer by 30pc

first_imgTuesday 16 November 2010 9:17 pm Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikePast Factory4 Sisters Take The Same Picture For 40 Years. Don’t Cry When You See The Last One!Past FactoryFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterMovie JewelInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeMovie JewelTotal PastThis Woman’s Obituary Was So Harsh, Her Son Was Left ReelingTotal PastBrake For ItSay Goodbye: These Cars Will Be Discontinued In 2021Brake For Itbonvoyaged.comYour IQ Is 142 If You Get 15/20 On This General Knowledge Quizbonvoyaged.comDaily FunnyFunny Notes You Don’t Want To Get From Your NeighborDaily FunnyNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceMaternity WeekThis Was Found Hiding In An Oil Painting – Take A Closer LookMaternity Weekcenter_img whatsapp KCS-content GENERAL Motors (GM) is boosting the size of its common stock offering by more than 30 per cent to $15.5bn, potentially making its landmark IPO the largest US offering ever.The expansion is in response to surging demand from investors, who had put in orders worth $70bn for GM’s common shares by late on yesterday.GM’s initial public offering, which will reduce the US Treasury to a minority shareholder in the top US automaker, could raise nearly $23bn if underwriters exercise the full overallotment option. The largest US IPO so far is Visa’s $19.7bn stock sale in 2008. The increased size of the IPO reflects renewed investor confidence in the world’s second largest automaker less than a year and a half after dwindling cash and falling sales pushed it into a bankruptcy funded by the Obama administration.GM plans to sell 478m common shares for $32 to $33 each, raising about $15.5bn at the mid-point.GM earlier yesterday increased the size of its preferred stock offering by $1bn to $4bn in a move that will strengthen its balance sheet by paying down pension debt – one of the concerns investors had cited heading into the IPO.Including an overallotment provision for both common and preferred shares, the GM deal is now set to raise about $22.7bn n if it prices at the high end of the new price range.The final terms for GM’s IPO are expected today. The stock is set to begin trading on the New York and Toronto stock exchanges on Thursday.GM, which lost $88bn from 2005 to its 2009 bankruptcy, earned a $4.1bn net profit in the first nine months of the year. GM ups stock offer by 30pc Tags: NULLlast_img read more