GM Prices Stock at $33 Ahead of IPO

Historic offering will get government some money back
By Newser Editors and Wire Services
Posted Nov 17, 2010 4:44 PM CST
GM Prices Stock at $33 Ahead of IPO
A file photo of 2011 Chevrolet Silverados at the Flint Assembly in Flint, Mich.   (AP Photo/Carlos Osorio, FILE)

General Motors says its common stock will sell for $33 per share when its initial public offering takes place tomorrow. The IPO, one of the largest in history, brings the US government closer to getting back part of the $50 billion it gave GM last year. The government will sell 412 million shares and get $13.6 billion, leaving it with about 500 million shares, or about 33% of GM. It would have to sell them for $53 a share, or $26.4 billion, for taxpayers to get back their $50 billion back. (More General Motors stories.)

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