GM files for its historic flotation, expected to raise up to $20bn

GENERAL Motors (GM) will press ahead with an historic initial public offering (IPO) that is expected to raise almost $20bn.

The firm filed papers with the Securities and Exchange Commission last night that confirmed the long-expected flotation.

Trading in GM shares is expected to start sometime between late October and the 25 November Thanksgiving holiday. The carmaker said it planned a dual listing on the New York Stock Exchange and the Toronto Stock Exchange.

Morgan Stanley, JPMorgan, Bank of America Merrill Lynch and Citigroup have been selected as the lead underwriters for the IPO.

The IPO, intended to repay a portion of the firm’s government bailout, has been dubbed “Project Dawn”.