{"id":6686,"date":"2010-11-18T02:11:11","date_gmt":"2010-11-18T02:11:11","guid":{"rendered":""},"modified":"2010-11-17T17:11:06","modified_gmt":"2010-11-17T17:11:06","slug":"GM-Eclipsing-record-raised-by-Agricultural-Bank-of-China","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=6686","title":{"rendered":"GM Eclipsing record raised by Agricultural Bank of China"},"content":{"rendered":"

The shares opened at $35, above the initial public offering price of $33 and rose as high as $35.99 in early trading.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

In Tokyo, Fumiyuki Nakanishi, a manager at SMBC Friend Securities, struck a note of caution for Japanese rivals.<\/p>\n

“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.<\/p>\n

Source<\/a>
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