Business

GM prices stock at $33 for IPO

Posted November 17, 2010 5:22 p.m. EST

General Motors says its common stock will sell for $33 per share when its initial public offering takes place
Thursday. 

The IPO brings the U.S. government closer to getting back part of the $50 billion it gave GM to help it through bankruptcy protection last year. 

The government will sell 412 million shares and get $13.6 billion. It will still have about 500 million shares, or about 33 percent of GM. It would have to sell them for $53 a share, or $26.4 billion, for taxpayers to get back their $50 billion back.

The government and other GM owners will sell 550 million shares starting Thursday. The IPO will be worth up to $18.2 billion, making it one of the largest in U.S. history.