Shares of General Motors Co. are likely to be priced between $20 and $25 in the initial public offering by the automaker in November, Chairman Ed Whitacre said Wednesday, a move that would make its shares more attractive to retail investors.
His comments represented the first time that GM has commented on the issue. A GM IPO price in that range would come through a stock split intended to make shares in the top U.S. automaker more attractive to the individuals expected to represent up to a quarter of its initial investor base.
“It's a little too early to say, but it is going to be somewhere in the $20 range ... $20, $25, something like that would be my guess,” Mr. Whitacre said.
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