Soon, you too can own shares in the "new" General Motors. The company has officially filed for an initial public offering of stock. The automaker could sell as much as $16 billion in equity, which would make it the second largest IPO in U.S. history, according to the Forbes. It won't likely beat Visa's $19.7 billion offering in 2008.
The Treasury has also announced that it will be a selling shareholder, which means that taxpayers will relinquish a portion of their ownership of the company. An IPO of this size won't shed Uncle Sam's share entirely, but it will make the U.S. a minority owner in the company. Currently, the government owns 60.8% of the firm's common stock.
You can find the official S-1 filing here. While GM is likely eager to escape the pejorative "Government Motors" moniker, we'll have to wait to see if investors bite. The company has had a few quarters of positive earnings. But it still has far to go before it convinces everyone that it is truly a new and improved company.
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