General Motors shares went on sale on the New York Stock Exchange once again yesterday. The stock offering price was $33 but once it hit the market prices opened at $35.20.
Typical for an initial public offering, the shares inclined fairly quickly and reached a high of $35.85 at around 10:45am yesterday. They then dropped down to $34.19 by the day’s close. Although the close price is lower than the opening, it’s still regarded as a positive result as the current share price is still higher than the stock offer price of $33.
Over $452 million worth of shares traded hands in the IPO yesterday. This huge interest and demand has put President Obama in a state of reassurance towards GM, with administration officials saying the strong sales represented that it was a good move to pull the company out of bankruptcy in the first place.