While I was jumping for joy with the new Camaro convertible and the Corvette ZR1 at the Los Angeles Auto Show this week, GM went ahead with its plans for an IPO, and in fact expanded the number of shares offered and bumped up the initial public offering price. This is great news, because it raises more money to pay back the U.S. Treasury for its investment in the company.
Debuting on Thursday at $33 to the subscribing investors, GM stock began trading on the New York Stock Exchange at $35 per share. According to the Wall Street Journal, the stock has traded between $33 and $35 since, and is expected to stay in this range for a while.
I'll be on the phone to my broker first thing Monday morning, because I want to put my money where my mouth is. I want to support GM's renaissance and the good American jobs that GM provides. If you're thinking about doing the same thing, I'd recommend that you talk to your financial advisors first to make sure this investment is right for you. But there's no denying that this stock offering is a major step in the right direction for GM.