General Motors roared back as a public company on Thursday, with its newly-listed shares trading well above their offering price.
The shares stood at $35.70 at mid-morning, up from the $33 IPO price. Volumes were exceptionally heavy as hedge funds, which had bid aggressively for IPO allocations, sought to turn a quick profit.
The share offering marks a key step in the transformation of Detroit’s biggest carmaker over the past 18 months. Among other initiatives, GM has shed four of its eight brands, renegotiated union contracts and shed most of its debt. Its senior management is almost unrecognisable from early 2009.
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