Last year General Motors (GM) filed for Chapter 11 protection and GM received billions of dollars of taxpayers money to stay afloat and reconstruct, which made the U.S. government its largest shareholder. GM appears to have turned things around as 2010 will be now the world’s second largest car maker’s first profitable year since 2004.
This week, GM will again offer its shares to the public in an IPO that could fetch $10 billion, making it one of the top 5 biggest IPOs in U.S. history. According to Renaissance Capital, GM is expected to price its shares in the $26 to $29 range Wednesday and begins trading on Thursday under symbol GM on NYSE. Renaissance Capital also reported that the midpoint could be revised to the low $30 range and increase the number of shares due to high demand. The market value of GM will be at $49 billion even at the midpoint of the $26 – $29 price range.
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