General Motors has been busy courting potential investors for the company's upcoming IPO. According to Bloomberg, the manufacturer has met with wealth funds in both the Middle East and Asia in an attempt to feel out global interest in the company's stock. The article says that GM's bankers are planning to meet with three large investment firms, including Saudi Arabia-based Kingdom Holding Company, Abu Dhabi-based Mubadela Development Company and Qatar Holdings LLC as well as Singapore-based Temasek Holdings Pte.
Analysts note that GM's attempt to stir international interest is nothing new. In fact, it's all but necessary if the company wants to raise the projected $10 billion it hopes to generate by going public. Bloomberg says that if the company does manage to hit that magic monetary figure, the feat would be the largest IPO since Visa Inc. raised $19.7 billion in 2008.
The article's unnamed source also indicated that GM is still aiming for a November IPO, though no specific date has been set so far. There's also some indication that the company may delay if it doesn't see enough demand for its stock.
[Source: Bloomberg]
Analysts note that GM's attempt to stir international interest is nothing new. In fact, it's all but necessary if the company wants to raise the projected $10 billion it hopes to generate by going public. Bloomberg says that if the company does manage to hit that magic monetary figure, the feat would be the largest IPO since Visa Inc. raised $19.7 billion in 2008.
The article's unnamed source also indicated that GM is still aiming for a November IPO, though no specific date has been set so far. There's also some indication that the company may delay if it doesn't see enough demand for its stock.
[Source: Bloomberg]
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