The hotly-anticipated initial public offering of General Motors priced at $33 a share Wednesday, landing it at the high end of expectations, which stood at $32-33 a share.
The offering will include 478 million shares of common stock. Including $4 billion of preferred stock and a greenshoe option, the total value of the IPO now stands at $15.8 billion, a record in the United States.
GM's stock will begin trading on the New York Stock Exchange Thursday under the symbol "GM." It will also trade on the Toronto Stock Exchange as "GMM."
Late Tuesday, the size of the IPO was expanded by about 30 percent, it was originally anticipated to price in a $26-29 range.
The higher pricing on the stock IPO represents a step toward recouping a $50 billion U.S. government rescue of the 102-year-old company, which had fallen from blue-chip status to bailout basket case in recent years.
The major stakeholders are the U.S. and Canadian governments and the United Auto Workers healthcare trust.
GM, earned a $4.1 billion net profit in the first nine months of the year and is on track for its first full-year profit since 2004.
The successful completion of the IPO will resulted in U.S. government's stake to drop from 61 to 33 percent.
( source CNBC )
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