General Motors made its return to the New York Stock Exchange today, with a total offering that may exceed $23 billion once preferred shares and overallotments are distributed. The total sale may thus surpass the the initial public offering of Agricultural Bank of China, which raised $22.1 billion in history's single largest common stock IPO.
The positive results of the offering – $15.8 billion worth of common shares priced at $33 per share – display a remarkable transition for the company – though one that came at the expense of many of the former GM's bond- and shareholders.
The offering was also a boon for U.S. investment bankers, returning for a short while to their traditional business of bringing firms public. Almost every major Wall Street firm helped underwrite the IPO, with Morgan Stanley, JPMorgan Chase, Bank of America and Citigroup in the lead of a group of 35.
Stock index futures were buoyant, with Dow Jones Industrial Average index futures up 85 points to 11,080 and S&P 500 index futures up 11.7 to 1,189.2 at 9:14 a.m. EST.
Nasdaq 100 index futures gained 24.25 to 2,121.25.
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