Seems like General Motors’ CFO Chris Liddell is hard at work. According to a report by Reuters, GM has completed the paperwork for an initial public offering and is expected to file with the U.S. securities regulators on Tuesday.
Sources familiar with the plans said that the initial prospectus, expected to be for $100 million, is likely to be filed with the U.S. Securities and Exchange Commission on Tuesday.
Insiders said that the filing was delayed (its original date was supposed to be on Friday), because of the management risk factor after CEO Ed Whitacre said on Thursday that he would step down and let Dan Akerson take over his position.
GM is expected to raise between $15 billion to $20 billion from its IPO. The filing will be the second largest in U.S. history.
– By: Omar Rana