In Michigan
5:26 pm
Wed October 13, 2010

GM chairman predicts $20 to $25 share price in IPO

DETROIT –
General Motors Chairman Ed Whitacre says that the company's stock will debut at a price somewhere between $20 to $25 a share when its initial public offering takes place next month.

WOAI-TV and the San Antonio Express-News say that Whitacre spoke about the price at the Greater San Antonio Chamber of Commerce in Texas.

GM has not officially announced a date or price for the initial stock sale. Regulators still need to accept the sale plan.

Whitacre says it's too early to state the exact price.

GM became a private company last year after filing for bankruptcy protection. The U.S. government became the largest shareholder when it gave GM $50 billion to help it through bankruptcy court. The government hopes to recoup its investment by selling its 61% stake over time.