As investors pored over General Motors’ 734-page initial public offering prospectus yesterday, they weighed the prospect of acquiring a stake in a successfully restructured carmaker against the myriad risks facing GM and its industry.
Some questioned the timing of the issue, which comes 13 months after the company exited bankruptcy and in an election year in which President Barack Obama’s administration seeks to defend its unpopular bail-out of Detroit.
GM’s offer, expected towards the end of the year, could potentially become one of the largest in history, but has to contend with an uncertain outlook for the world economy in a year that saw other IPOs scuppered because of market volatility.
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