GM’s stock price closes at $34.19
November 19th, 2010 - 8:22 pm ICT by Aishwarya Bhatt
New York, Nov 19 (THAINDIAN NEWS) GM’s road to recovery received a major boost on Thursday when the company’s share price went up 3.6 percent. The company’s shares are back on sale again after 17 months. The company declared bankruptcy and its previous shares were made worthless. The price of the shares opened at $35/share and closed at $34.19.
The initial public offering (IPO) is meant to raise enough funds for GM to pay-off the payout money that was extended to the company. GM received nearly $50 billion from the American government to help the company from collapsing. It is believed that the IPO will help the company to eventually recover from its financial burden and be able to support itself.
The company is currently offering about 365 million shares. The performance yesterday was boosted by the high demand of the company’s shares. This was mainly due to the fact that the company started making profit. When trading started yesterday, about 250 million of the company’s shares were traded. The shares were available on the New York Stock Exchange as well as the Toronto Stock Exchange. Non Americans from the Middle East and Asia are also entitled to buy some of the shares.
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Tags: american government, asia, bankruptcy, financial burden, gm, initial public offering, initial public offering ipo, middle east, money, new york stock, new york stock exchange, share price, stock price, toronto stock exchange, york stock exchange