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According to Bloomberg News, informed sources revealed that Delphi Motors Corp., the former parts production division of General Motors Corp., had set an initial public offering (IPO) clause last week and started an investor promotion conference this week.
Informed sources also revealed that Delphi expects this public offering can raise 550 million U.S. dollars. The pricing of the IPO will be announced on the 16th of this month, and the first transaction will be conducted on the 17th. Delphi’s previous plan was to raise $1 billion in funds through the IPO.
In view of the global economic turmoil, the International Auto Parts Group announced in September that it will postpone the IPO plan at least until January next year. It is reported that the IPO plan cancelled or postponed in the third quarter of this year raised up to 8.9 billion U.S. dollars. The figure for the first 9 months totaled 34 billion U.S. dollars.
Delphi Motors began to make profits gradually after it emerged from bankruptcy protection in October 2009, and has relied on its parent company, General Motors, to grow in fast-growing emerging markets.