GM stages a comeback

Automaker’s IPO could set a new record.



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General Motors is on its way to a possible date with the record books after its stock was re-introduced to the markets Thursday.

Investors reacted favourably to GM’s IPO, pushing the stock past the US$35 mark, up from the initial price of $33. It is reported that should the company choose to sell its over-allotment option it could hit $23.1 billion, surpassing the current record of $22.1 billion raised by Agricultural Bank of China in July.

The IPO is a stunning turnaround for a company that became dependent on a government bailout in the midst of the financial crisis. GM recently posted a third-quarter profit of $2 billion and has significantly revamped its product line.

However, the stock has a long way to go before the Canadian and U.S. governments see a return on their $53 billion investment in the company.

One comment on “GM stages a comeback

  1. Like everything else in This world ,the Corporation in the USA has continued to make billions around the world as the retirees are suffering at the food banks and continue to loose to the cost of living taken by the Governments in 2008.


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