As of this afternoon, General Motors has filed an initial public stock offering with the Securities and Exchange Commission. Potentially perplexing legal jargon aside, this is what investors, journalists (and, potentially, Chinese auto industry insiders) have been waiting for.
Likely to be the largest IPO filed in U.S. history, GM has yet to release exact figures for the number of shares it will offer and the price they will be set at. It's rumored that the U.S. government will become a minority shareholder, as opposed to a majority shareholder, and the U.S. Treasury's holding should drop to under 50 percent from its current 61-percent stake. The IPO could reportedly raise as much as $16 billion for GM.
The news follows several days of almost-filings, but GM has at last submitted the paperwork for an IPO. The S-1 form is an incredibly detailed document, meant to provide a company record for potential investors. Particularly good sales figures and revenue in the last quarter may help allay investors' fears, and offset the news of the upcoming departure of CEO Ed Whitacre.
For the complete SEC prospectus, click HERE.
Trained in legal-ese? Let us know what stands out from the 200+ pages in the comments section.