General Motors to return to the first day of NYSE listed modestly higher

General Motors (GM) rose 3.6%, after earlier rising by 9%

* The ticker symbol "GM", began trading on the New York Stock Exchange

* GM said goal is to reduce the debt including pension

* IPO will generate up to $ 273,600,000 in underwriting fees

Reuters, New York, November 18 - --- General Motors (GM.N: Quote) in receiving government aid and a major restructuring in less than one and a half to return to Wall Street, but shares rose in early trade after losing its momentum.

Day close to 220 million shares of stock trading volume is the second active stock trading in Citigroup (CN: Quote) more than three times. General Motors (GMMu.TO: Quote) shares are also traded on exchanges in Toronto, Canada.

General initial public offering (IPO) through the financing of ordinary and preferred shares $ 20,100,000,000, the largest in U.S. history created the IPO, completed the 102-year history of this old car company from the brink of collapse changes the fate of the first phase of implementation.


Successful first day of trading stock may help Obama prove that the taxpayer had used 50 billion U.S. dollars worth of general relief funds. The White House said the U.S. is expected to recover the full investment of the taxpayer, and the government hopes to late 2012 before completely out of common shares made significant progress.

"American taxpayers are now able to recover the amount of investment than more general-purpose government funds." Obama told reporters Thursday afternoon at the White House said.

The U.S. government estimates, if you include general, including the collapse of the entire U.S. auto industry will result in 100 million people are unemployed, but also will drag U.S. gross domestic product (GDP) fell 1%.

Common shares listed on the opening of new soon rose 9%, but later rose despite the broader market, GM is still gradually pared earlier gains, some market speculation that the U.S. government the remaining 33% of the hands of common shares still make investors nervous.

It was noted that in the past week GM raised its IPO price range and size, the upside is limited.

McGinn Investment Management Chief Investment Officer Bernie McGinn said, "I think the IPO price when they increase the time ... most of the potential gains may have been digested, and the government benefit. I expect GM shares up or down space is not large . "He held the stock Ford.

See related chart of large IPO, please click on: (r.reuters.com/mum92q)

According to this IPO, market capitalization of about $ 63,000,000,000 General. Including those outstanding, including the over-allotment option, GM is expected to raise 23.1 billion, more than China, Agricultural Bank of China (601288.SS: Quote) in July of this year hit 22.1 billion fund-raising records.

The IPO as the lead underwriter Morgan Stanley (Morgan Stanley) (MS.N: Quote), JP Morgan Chase (JPM.N: Quote) (JPM.N: Quote), Merrill Lynch (BAC.N: Quote) and Citigroup's remarkable achievements.

General supervision, according to documents submitted showed that if the exercise of the over-allotment option, the underwriters of this IPO costs up to $ 273,600,000.