June 28, 2022

GM IPO Is Trading Above Offering Price And Lifts Market

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GM experienced a well received IPO by the the market today with it's stock trading above the IPO share price heading into the lunch hour

It’s a monumental day for General Motors Company (NYSE: GM) today. After it nearly crashed and burned, taking a ride through bankruptcy last year after losing $88 billion the previous five years, it emerged restructured and stronger than ever. Today it returned to the life it once knew, as a publicly traded company.

Financial experts speculate that today’s Initial Public Offering could be worth as much as $23 billion. The $33 per share IPO price hasn’t been seen today as the stock has traded above that, as high as $35.99 per share near the market open. Investors seem excited about the new GM.

To celebrate the day, GM had a number of it’s cars lined up in front of the New York Stock Exchange. The GM CEO, Daniel Akerson, rang the NYSE opening bill with other GM executives present on Thursday. Times Square in New York displayed news about the company’s stock on it’s ticker.

GM is stronger and leaner as it has enjoyed increased auto sales in nearly every market worldwide. In China alone, the automaker giant expects to sell over two million vehicles. The market is quickly becoming one of the most profitable ones for GM, already outpacing the U.S.

The overall stock market has responded positively to GM’s IPO. Heading into the lunch hour, the DOW was up nearly 170 points on the day.