GM Stock Trading High, May Raise 20 Billion
GM’s common shares will begin trading on the New York Stock Exchange under the traditional GM stock symbol. When the automaker first announced its price details, it had expected that it would raise around $13 billion. It seems those projections are way off.
China buys 1 percent of GM share
When the stock first opened this morning, GM’s partner in China, SAIC Motor Corp. bought 1% of the GM’s shares. Quickly, the stock began to rise to $35.90. The price would eventually sky rocket to $52.54, but that didn’t last.
On Tuesday, GM had upped the price target for its shares to between $32 and $33, from its original price of $26 to $29. The company also announced that it would sell 31% more shares than it had planned.
Around $11.8 billion, nearly half, of the proceeds will go to the US Treasury, which has had a 61% stake in the company since 2009, in exchange for a $50 billion bailout.
At the moment, GM shares are now $35.03, a little below what they had opened for.