【英语科技】通用汽车IPO在即 融资规模或超预期

General Motors Co. plans to make its long-awaited initial public offering on Thursday, in a return to the public markets that could raise more money than the company had predicted.

The auto maker, the U.S. Treasury and banks underwriting the deal are in talks over whether to price the IPO above the predicted range $26 to $29 a share and whether to exercise an option to issue additional shares, according to people familiar with the talks.

The company's top executives head to Europe this week for meetings with investors in London, Milan and Frankfurt. The offering is expected to price on Wednesday.

GM plans to mark the event with a 'low-key' employee celebration in Detroit and an appearance by Chief Executive Daniel Akerson to ring the opening bell at the New York Stock Exchange, according to people familiar with the matter.

The company wants to highlight its return to the stock exchange after a 16-month absence -- a milestone for the biggest U.S. auto maker -- while remaining mindful of the unpopular government bailout, the people said.

The auto maker, in plans laid out earlier this month, said it will issue 365 million shares totaling 24% of the company. The Treasury expects to raise $7 billion to $8 billion.

GM has returned $9.5 billion of the $49.5 billion it received last year from the Treasury. The government will look to recoup the rest through the sale of its stake, which will drop to around 35% after the IPO from 61%.

An overallotment, or 'green shoe,' option could add another 54.8 million shares, or 3.6% of the company.

Underwriters have reported demand that indicates GM's stock could sell for more than initially thought, the people familiar with the situation said. Underwriters have said they have been contacted by large, long-term investors who want to buy the maximum 10% allowed of the IPO, the people said.

Investors will include three or four sovereign-wealth funds that are planning to buy more than a billion dollars combined in the IPO.

China's largest auto maker, SAIC Motor Corp., is on track to buy around $500 million in GM shares, pending Chinese government approval.

GM executives on Wednesday wrap up the road show to pitch the IPO. In addition to stops in Europe, teams will visit investors in Toronto, Chicago and Minneapolis.

Sharon Terlep

美国汽车生产商通用汽车公司(General Motors Co.)计划于周四举行期待已久的首次公募股(IPO)，回归股市，届时融资规模可能会超过该公司原先的预估。

知情人士说，通用汽车、美国财政部和承销银行正展开商讨，以决定是否将此次IPO的价格定在原先预测范围每股26美元到29美元以上，以及是否执行一项超额配售选择权。

Gordon Studer通用汽车的高管本周前往欧洲，同伦敦、米兰和法兰克福的投资者会面。发行价格预计会在周三确定。

知情人士说，为庆祝上市，通用汽车计划在底特律举行一场“低调”的员工活动，公司首席执行长阿克森(Daniel Akerson)将亮相纽约证券交易所(New York Stock Exchange)敲响开市钟。

离开股市16个月后重新归来，对这家美国最大的汽车制造商来说是一个里程碑事件。上述知情人士说，通用汽车一方面希望强调这次回归的意义，另一方面仍在小心处理政府救助一事，因为政府救援不得人心。

通用汽车在本月早些时候公布的计划中说，它将发行3.65亿股股票，占整个公司总股本的24%。美国财政部希望从中融资70亿到80亿美元。

通用汽车去年从美国财政部借款495亿美元，已偿还95亿美元。政府将指望通过出售所持通用汽车股权收回余下款项。IPO过后，美国财政部所持股权将从61%下降到35%左右。

如果执行一项超额配售选择权（又称“绿鞋”），就可以再发5,480万股股票，占公司总股本的3.6%。

上述知情人士说，从承销商反映的需求情况看，通用汽车的售股价可以高于最初的预想；承销商说，有大型、长线投资者与他们接触，希望购买这次IPO规定的最高购买份额10%。

投资者将包括三到四家主权财富基金，它们计划在这次IPO中购买的股票合计起来超过10亿美元。

中国最大汽车生产商上海汽车集团股份有限公司(SAIC Motor Corp.)按计划将购买约5亿美元的通用汽车股票，就等中国政府的批准。

通用汽车高管将于周三完成路演。除了欧洲几站以外，他们还将在多伦多、芝加哥和明尼阿波利斯拜访投资者。

Sharon Terlep

（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）