Business

GM tops $33 IPO price for first time in 2 years

Associated Press/File

DETROIT — Shares of General Motors reached an important milestone on Friday, topping their initial public offering price of $33 for the first time in more than two years.

The automaker’s stock, which has been on a tear since January, reached $33.58 Friday morning before slipping back to close at $33.42, up 3.18 percent.

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The auto giant sold shares to the public for $33 in a November 2010 IPO, but they hadn’t traded above that price since May 4, 2011.

The rally is good news for the US Treasury, which has been selling off its GM holdings. Taxpayers still own 241.7 million shares, as a result of the government’s $49.5 billion bailout of the company in 2008 and 2009.

Friday’s increase was likely due to general market gains and better prospects in Europe, where GM has lost money for more than a dozen years.

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