GM to list on NYSE, TSX
Now that GM is turning a profit, it plans a triumphant return to the New York Stock Exchange and Toronto Stock Exchange after its initial public offering.
The IPO, intended to repay a portion of the automaker’s government bailout, has been dubbed “Project Dawn,” said the source, who declined to be named because preparations for the IPO remain private.
Before its 2009 bankruptcy, GM shares traded on the New York Stock exchange, and its return had been widely expected as the automaker begins to distance itself from its government-led restructuring and attracts private investors. Adding a stock listing in Toronto would underscore the role that the governments of Canada and Ontario played as junior partners to the U.S. Treasury in keeping GM from liquidation in bankruptcy.
The number of shares to be sold by the U.S. government, the governments of Canada and Ontario, the United Auto Workers union healthcare trust and other shareholders has not been determined. GM is not expected to issue new common stock in the IPO but plans to sell about $3 billion in mandatory convertible securities that convert into shares in the future
Posted on August 18, 2010, in Market Trends, Stocks, Bonds, & Funds and tagged General Motors, GM, New York Stock Exchange, NYSE, stock exchange, Stocks, toronto stock exchange, TSX, Wall Street. Bookmark the permalink. Leave a comment.