After laying the groundwork with the Securities & Exchange Commission last week, GM formally filed form S-1 with the SEC today for its initial public offering.
In its filing, the automaker did not disclose how many shares will be offered nor what the initial price range of said shares will be. The timeframe for the actual IPO has not been announced, either, though it's thought that it will happen in November or December of this year.
The U.S. Treasury Department currently holds a 61-percent stake in GM, and would sell off a significant portion of its common shares -- perhaps as much as a fifth, reducing the government's stake to under 50 percent. Auto Observer astutely points out, though, that even with a <50 percent stake, "the government would still effectively control GM as any shareholder with that large of a position would."
GM wll sell both common stock and convertible preferred stock in the IPO. A link to the massive SEC filing is below for bedtime reading.
Also worth noting is the careful timing of GM's CEO succession announcement. By releasing the news last week that Daniel Akerson will succeed Ed Whitacre as CEO and board chairman come September 1, the automaker has avoided any appearance of insider shenanigans.
lostboyz says:
02:45 PM, 08/18/10
no thanks
inlinesix says:
02:51 PM, 08/18/10
yea no thanks
roadburner says:
03:32 PM, 08/18/10
For a big announcement/photo op like this you would think that GM could find some auto workers that didn't look like they have a brother named "Dad."
eriches says:
04:20 PM, 08/18/10
@ roadburner: Full disclosure: The photo was not taken today, but during a plant visit Ed Whitacre made earlier this summer when he announced an IPO was coming soon, hence the applauding workers. Sorry to cause confusion.
greenpony says:
05:18 PM, 08/18/10
This is what the government should do with a majority of its entities.
1487 says:
05:59 PM, 08/18/10
No confusion for most people Erin, just people that hate "government motors". Its pretty obvious that is a stock photo featuring the Volt.
Criticizing a picture because you don't like the appearance of the line workers in the picture is beyond ridiculous. But you have to resort to such things when you've been predicting and hoping for the failure of this bailed out company for so long.
roadburner says:
06:10 PM, 08/18/10
Condescension, arrogance, AND a razor sharp wit- I wouldn't expect anything less...
bimmerjay says:
06:40 PM, 08/18/10
Are there any stock photos that don't have the Volt in them? Does GM even make any other cars besides the Volt?
roadburner says:
06:49 PM, 08/18/10
bimmerjay:
You're next, you know. Let me guess; something along the lines of:
"Only stupid BMW fanboys make fun of stock Volt photos."
e90_m3 says:
08:41 PM, 08/18/10
Re: 1487
"No confusion for most people Erin, just people that hate "government motors". Its pretty obvious that is a stock photo featuring the Volt. "
GM wouldn't have an IPO if they didn't go bankrupt, royally screwing all the shareholders and creditors, and ended up on the dole. If you owned $100000 worth of GM stocks before Chapter 11, your stocks are now worth... $0.
All the previous shareholders were completely WIPED OUT and creditors settled for pennies on the dollar, and they are celebrating their upcoming IPO. Do you seriously not see anything wrong with it?
GM deserves all the hate the public can conjure.
inlinesix says:
08:39 AM, 08/19/10
roadburner, e90, & bimmerjay: +100
Some blindly love all that is GM (1487).
Its a great precedence we have set--they can build a large multinational company, reduce its value to garbage, fly to meet the government in private jets, ask for a handout while execs are getting big $$$, and then start over.
YEA!