GM Chairman: IPO price between $20-25 per share

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GM Chairman: IPO price between $20-25 per share

Source: CNTV.CN
[08:18 October 15 2010]
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General Motors is preparing for an initial public stock offering next month. Chairman of the US auto giant, Ed Whitacre, told media the company's stock will be priced between 20 and 25 dollars a share.

The stock will be split as part of the offering, to make the price more consumer-friendly and attractive to "retail" as opposed to institutional investors. General Motors will also allow its US and Canadian employees, dealers and retirees to buy stock at this price.

The automaker went private last year after filing for bankruptcy protection. The US government became its largest shareholder when it provided a 50 billion dollar bailout. The government hopes to recoup its investment by selling its 61 percent stake over time, beginning in November. The IPO sale plan remains to be approved by US regulators.