General Motors has set the offering price for its shares at $33 each, raising more than $22 billion and setting a record for the largest initial public offering in American history, people briefed on the matter said on Wednesday.
The offering will cut the government’s stake in the company by more than half, to about 26 percent, and speed up the Obama administration’s efforts to remove itself entirely from the company, a goal that G.M. has also avidly sought.
Strong demand for the company’s shares allowed a larger amount of the government’s stake to be sold than originally expected.
G.M. will return to the stock market as a public company on Thursday morning, almost 18 months after it filed for government-directed bankruptcy protection to shed billions of dollars in debt and reshape its business.
The government’s stake in the company stemmed from that intervention, which injected $49 billion in public money into the company; $7 billion has since been repaid.
Read More: http://dealbook.nytimes.com/2010/11/17/g-m-prices-its-shares-at-33-in-return-to-stock-market/?emc=na
