General Motors has enjoyed watching as its IPO stock price has climbed. This Detroit MI automaker is making a quick comeback as the weeks continue into the new year.
Online PR News – 06-January-2011 – – Detroit MI automaker General Motors had a rocky year in 2009 as it filed for bankruptcy and was bailed out by the federal government. Since then, GM has reformed its company, eliminated four brands and prepared for what was to become the largest IPO in U.S. history and the world.
On Aug. 18 General Motors officially filed its Registration Statement for the IPO, but it wasn’t until the middle of November that the Detroit MI automaker announced the price per stock would be $32 to $33.
[Recall: Detroit MI General Motors’ IPO Range Increases, Now $32 to $33 Price Range]
Instantly the IPO was a success as General Motors had a record-making $20.1 billion shares sold within the first couple of days of its stocks being offered. Originally the amount GM expected to earn was $13 billion. This number was completely demolished as they sold about $7 billion more than projected.
[Rewind: General Motors IPO Hits Record-Making 20.1 Billion Shares Sold]
The Detroit MI automaker’s stock continues to make gains. On Jan. 3, the common stock closed out at $37.06, the price peaking at $38 that same day. From its original $33 per share, the stock has increased 15 percent.
GM’s world-record IPO and stock gains have led to many analysts to make a positive forecast for General Motors for the 2011 year. Some even believe that if this trend continues, it is possible GM’s shares could reach as high as $50 a share by the end of this year. At this point, GM is in a good position to completely pay off the U.S. Treasury as GM aims to take back complete ownership of its company.
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