General Motors is working on its initial public offering, but the only timeframe Chairman and President Ed Whitacre would offer for the IPO, during an appearance Thursday, was “as soon as possible,” in his latest non-news statement.
“It’s number one on our list,” Whitacre, who also serves as GM’s chief executive officer, told the Management Briefing Seminars in Traverse City. “We don’t like this label of ‘Government Motors.’ It turns customers off and it turns us off.”
Late last month, rumors began to circulate that GM would set out details of his planned stock offering around August 16th, following the release of its second-quarter earnings – about which Vice Chairman Steve Girsky today said analysts would be “encouraged.”
It is anticipated that the offering will be timed just before the upcoming mid-term Congressional elections, though neither Girsky nor Whitacre would confirm that timing. Ruling Congressional Democrats, along with incumbent Republicans face the wrath of voters this fall.
Following his speech at the annual industry confab, Whitacre told reporters that GM must file a massive application with the Securities Exchange Commission, something it is now working on. But when GM does issue its IPO, Whitacre said he doesn’t expect any backlash as an automotive stock.
“I think the appetite in the marketplace is going to be really good for GM stock,” he said. In fact, he added, some analysts said the automaker’s IPO could be the biggest ever.
When the stock does go public, Whitacre said he hopes that the government will be completely removed from any significant GM ownership.