GM Goes Public... Again
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General Motors (NYSE: GM) filed its much-anticipated IPO just before the close today in a stunning comeback from its 2009 bankruptcy and government bailout.
The company plans to list on the NYSE and the Toronto Stock Exchange under its old stock symbol "GM." In its offering, the company will be selling $100 million in new common stock and $100 million in preferred stock.
Following the offering, there will be 500,000,000 shares outstanding, which does not include over 100 million in warrants held by Motors Liquidation Company (OTC: MTLQQ) and VEBA, that have exercise prices from $30-$126.92.
Morgan Stanley, J.P. Morgan, BofA Merrill Lynch and Citi are listed as the lead underwriters. Other investment banks that will participate include Barclays Capital, Credit Suisse, Deutsche Bank, Goldman Sachs, RBC Capital Markets and UBS.
For the three months ended March 31 and June 30, 2010 GM's net income was $1.2 billion and $1.6 billion, respeviclty. This is a reversal of a loss of $3.8 billion for the period from July 10, 2009 to December 31, 2009.
GM reported revenue of $31.5 billion and $33.2 billion in the three months ended March 31 and June 30, 2010, representing 40.3% and 43.9% year-over-year increases as compared to Old GM's revenue for the corresponding periods.
GM said they have no current plans to pay dividends on its common stock.
The U.S. Treasury owns 304,131,356 common shares of GM common stock, in addition to 83,898,305 shares of Series A Preferred Stock.
Canada owns 58,368,644 common shares and 16,101,695 shares of Series A Preferred Stock. New VEBA owns 87,500,000 common shares and 260,000,000 shares of Series A Preferred Stock, and Warrants to acquire 15,151,515 common shares. Motors Liquidation Company (OTC: MTLQQ) owns 50,000,000 shares of common stock and two warrants each to acquire 45,454,545 shares of common stock.
The company plans to list on the NYSE and the Toronto Stock Exchange under its old stock symbol "GM." In its offering, the company will be selling $100 million in new common stock and $100 million in preferred stock.
Following the offering, there will be 500,000,000 shares outstanding, which does not include over 100 million in warrants held by Motors Liquidation Company (OTC: MTLQQ) and VEBA, that have exercise prices from $30-$126.92.
Morgan Stanley, J.P. Morgan, BofA Merrill Lynch and Citi are listed as the lead underwriters. Other investment banks that will participate include Barclays Capital, Credit Suisse, Deutsche Bank, Goldman Sachs, RBC Capital Markets and UBS.
For the three months ended March 31 and June 30, 2010 GM's net income was $1.2 billion and $1.6 billion, respeviclty. This is a reversal of a loss of $3.8 billion for the period from July 10, 2009 to December 31, 2009.
GM reported revenue of $31.5 billion and $33.2 billion in the three months ended March 31 and June 30, 2010, representing 40.3% and 43.9% year-over-year increases as compared to Old GM's revenue for the corresponding periods.
GM said they have no current plans to pay dividends on its common stock.
The U.S. Treasury owns 304,131,356 common shares of GM common stock, in addition to 83,898,305 shares of Series A Preferred Stock.
Canada owns 58,368,644 common shares and 16,101,695 shares of Series A Preferred Stock. New VEBA owns 87,500,000 common shares and 260,000,000 shares of Series A Preferred Stock, and Warrants to acquire 15,151,515 common shares. Motors Liquidation Company (OTC: MTLQQ) owns 50,000,000 shares of common stock and two warrants each to acquire 45,454,545 shares of common stock.
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