GM to Price Between $32 and $33

The interest in the GM IPO appears to be strong. The underwriters have moved the offer range up to $32 to $33 per share. That should net the company about $12 billion.

As I’ve said before, I’m very leery of this IPO. Jeff Reeves spots this gem in the offering prospectus:

We have determined that our disclosure controls and procedures and our internal control over financial reporting are currently not effective. The lack of effective internal controls could materially adversely affect our financial condition and ability to carry out our business plan.

That’s not a good sign.

Posted by on November 16th, 2010 at 11:42 am


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