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General Motors Files for Initial Public Offering in Bid to Become the Next General Motors

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DID WE NOT ALREADY DO THIS?
DailyFeed
As expected, General Motors filed for an initial public offering in a regulatory filing with the Securities and Exchange Commission today. The automaker, which is 61 percent owned by the United States government, was not required to disclose the number of shares that would be offered, although the company has reportedly said it will have 500 million shares outstanding after the offering, which is (seriously) being called "Project Dawn."

See the full SEC filing here.

According to Bloomberg, GM will not sell any common shares itself while offering preferred shares with the IPO. Meanwhile, Treasury will try and sell 20% of the 304 million shares, the news service reported back in June.

The shares will list on both the NYSE and Toronto Stock Exchange.

Underwriters are all the usual suspects, with Goldman Sachs, RBC Capital, UBS, Morgan Stnaley, JP Morgan, Banc of America, Citi, Barclays Credit Suisse, Deutsche Bank all among the firms listed.

Bloomberg reported that GM may try and raise as much as $16 billion in the IPO, which would put it among the top 10 largest IPOs in history and second only to Visa in IPOs from U.S. companies.
POSITION:  No positions in stocks mentioned.
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