General Motors filed its initial public offering paperwork with the SEC.
Another milestone in the U.S. auto industry's return from its near-death experience was reached Wednesday with GM saying it filed with the Securities and Exchange Commission to become a publicly traded company once again.
The initial public offering will be a case of bailed-out Wall Street firms helping the bailed-out automaker as GM's IPO will be underwritten by a number of financial firms that received taxpayer funds at the height of the financial meltdown.
A snippet from GM's press release:
The amount of securities offered will be determined by market conditions and other factors at the time of the offering. The number of shares to be offered and the price range for the offering have not yet been determined.
Morgan Stanley and J.P. Morgan (representatives of the underwriters), BofA Merrill Lynch, Citi, Goldman, Sachs & Co., Barclays Capital, Credit Suisse, Deutsche Bank Securities, RBC Capital Markets, and UBS Investment Bank will be the joint book-running managers for the offering.
The irony is that selling shares like this is called "going public." GM is arguably already public since the federal government currently owns about a 61 percent stake in GM, hence the nickname Government Motors.
That sounds pretty public to me.