Deals
General Motors Gains in NYSE Return After IPO Raises $20 Billion
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General Motors Co., which went bankrupt last year after almost a century on the New York Stock Exchange, advanced in its return to public trading following an initial public offering that raised more than $20 billion.
GM gained 3.6 percent to $34.19 today, after climbing 9.1 percent in the first hour of trading. Its owners, including the Treasury, sold $15.8 billion of common shares at $33 each in the second-largest U.S. IPO on record. The automaker’s $4.35 billion offering of preferred shares and an overallotment option may boost the total to $23.1 billion, more than the $22.1 billion raised by Beijing-based Agricultural Bank of China Ltd. in the biggest IPO of common stock in history.