The shares opened at $35, above the initial public offering price of $33 and rose as high as $35.99 in early trading.
GM shares began trading on the New York and Toronto stock exchanges with the rev of a Camaro engine on the floor of the New York Stock Exchange, taking the place of the traditional ringing of the bell.
The start of trading in GM shares represents the last step in a blockbuster initial public offering negotiated by the Obama administration that raised $20.1 billion after pricing the automaker’s shares at $33 each.
The IPO values GM at about $63 billion. Including an option that would allow underwriters to sell more shares, GM looks set to raise $23.1 billion, eclipsing the record $22.1 billion raised by Agricultural Bank of China in July.
In Tokyo, Fumiyuki Nakanishi, a manager at SMBC Friend Securities, struck a note of caution for Japanese rivals.
“If global funds add GM as a core stock in the automotive sector, there’s a chance that its Japanese peers, though I’m not sure which one, will be pushed out,” he said.