GM’s chairman Whitacre predicts $20 to $25 share price

Ed Whitacre will step down as GM CEO and Chairman on Sept. 1

General Motors Chairman Edward Whitacre said today that the company’s stock will be priced from $20 to $25 per share. Whitacre made the statement at an event in San Antonio, Texas, and said that the initial public offering would take place sometime in November.

“It’s going to be somewhere in the $20 range, $20, $25, something like that,” Whitacre said.

GM has not yet announced a date or price for the IPO. The Detroit automaker is waiting for U.S. regulators to sign off on its proposed plan to sell shares.

Whitacre stepped down as CEO on September 1. He will remain Chairman of GM until January 1. Whitacre said that the IPO would be successful since GM is making a profit.

– By: Omar Rana

Source: MSNBC