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GM Officially Announces IPO: Plans To Raise Up To $13 Billion

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General Motors will begin public sale of 365 million shares of common stock at $26 to $29 per share as it commences its post-bankruptcy and reformation initial public offering (IPO). In addition to the common stock, GM also plans to issue 60 million shares of Series B preferred stock at $50 per share.

Sparing further financial jargon, the stock sale means that General Motors will once again be a publicly held company, with the majority of the shares, roughly 263.5 million, being sold off coming from the U.S. federal government's stake in GM, gained as part of its bankruptcy bailout procedure. The Canadian Government and the UAW will also sell off some of their stock, accounting for the remaining 101.5 million shares.

The shares will be sold on the New York Stock Exchange under the "GM" ticker symbol, with Morgan Stanley, J.P Morgan, BofA Merrill Lynch, Citi, Goldman Sachs & Co., Barclays Capital, Credit Suisse, Deutsche Bank Securities and RBC Capital Markets serving as the joing managers of the IPO.

The IPO announcement comes on the heels of GM's third quarter profit results of $1.9-2.1 billion on $34 billion in revenues. For the first nine months of 2010, GM estimates it has taken in $99 billion in revenue and delivered a net income of $4.0-$4.2 billion.

For those so inclined, a full copy of the press release (with all the financial jargon) can be found on page two.

[GM, Detroit News]