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GM IPO Coming in October

Posted By Barry Ritholtz On July 23, 2010 @ 8:54 am In Bailouts,Corporate Management | Comments Disabled

NYT headline:

G.M. Spends $3.5 Billion for Lender to Subprime [1].

The purchase of Americredit [2] is the last step GM needs before it can take itself public again. With that piece of the puzzle [3] in place, “Government Motors [4]” can now accelerate its bid to return to the NYSE.

Look for GM to file its SEC registration statement as soon as next month. Their IPO should raise $10-20 billion dollars.

If the filing takes place later this summer — before Labor Day — then the initial public offering itself will occur in the Fall. I would expect that GM will be public prior to the 2010 November Congressional elections.

No word on who the underwriters will be — but post SEC settlement, it would be surprising if Goldman Sachs was not prominently on the book, along with fellow bail-outtees Morgan, BA/MER and Citi. If had to guess, it would be that the lead banker will be JPMorgan, led by wonder-boy/WH fave Jamie Dimon.


UPDATE: July 23, 2010 9:25am

Time magazine says “GM IPO? Don’t Hold Your Breath [5],” but Reuters [6] claims the IPO registration statement will be filed after Q2 earnings are reported . . .

When Does GM Get Kicked Out of the DJIA? [7] (November 7th, 2007)

When Does GM Get Kicked Out of the Dow, part II [8] (June 26th, 2008)

GM: Out of the Dow [9] (May 7th, 2009)

Top 10 Things the Letters “GM” Stands For [4] (April 2nd, 2009)

Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2010/07/gm-ipo-coming-in-october/

URLs in this post:

[1] G.M. Spends $3.5 Billion for Lender to Subprime: http://www.nytimes.com/2010/07/23/business/23autos.html

[2] Americredit: http://www.americredit.com/

[3] piece of the puzzle: http://noir.bloomberg.com/apps/news?pid=newsarchive&sid=aMoHnxTKPZ1E

[4] Government Motors: http://www.ritholtz.com/blog/2009/04/top-10-things-the-letters-gm-stands-for/

[5] GM IPO? Don’t Hold Your Breath: http://www.time.com/time/business/article/0,8599,2003321,00.html

[6] Reuters: http://uk.reuters.com/article/idUKTRE66M0OS20100723?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Reuters%2FUKBusinessNews+%28News+%2F+UK+%2F+Business+News%29

[7] When Does GM Get Kicked Out of the DJIA?: http://www.ritholtz.com/blog/2007/11/when-does-gm-get-kicked-out-of-the-djia/

[8] When Does GM Get Kicked Out of the Dow, part II: http://www.ritholtz.com/blog/2008/06/when-does-gm-get-kicked-out-of-the-dow-part-ii/

[9] GM: Out of the Dow: http://www.ritholtz.com/blog/2009/05/gm-out-of-the-dow/

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