08/18/2010 // New York, US // TiffNews10 // News Desk
New York – Automotive company General Motors Co. has filed for an initial public offering. As reported by Reuters, the company is planning a dual listing of shares on the New York Stock Exchange as well as the Toronto Stock Exchange.
As noted in the report, despite expectations that the IPO could raise as much as $20 billion, many remain skeptical about the timing of the offering. Dennis Virag, president of Automotive Consulting Group is quoted by Reuters as stating of GM’s profitability, “We’re looking at a second half that is potentially weaker than the first half… That could certainly hurt the sale of the shares.”
Virag is further quoted as stating, “I don’t think this is a good time to be going public… It’s more political than practical.”
Trading of the company’s shares is reportedly expected to begin between October and November.
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