Delphi Automotive PLC today announced that its shares began trading on the New York Stock Exchange (NYSE).
The US$530m IPO was priced at US$22. The shares opened at US$21.25 on Thursday, a drop of 3.4%. It was widely reported that the main seller of shares was John Paulson’s hedge fund, which had taken a stake in the company during its bankruptcy. Investor sentiment towards Delphi clearly wasn’t strong given the current uncertainties facing the auto industry globally.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
But the IPO is undeniably a very important step for ex-GM parts unit Delphi following its emergence from bankruptcy reorganisation.
“Today is an important milestone for Delphi,” said Rodney O’Neal, Delphi president and chief executive officer. “The Delphi team has created a business with outstanding technology and industry leading performance. We are well positioned to expand both top and bottom line growth.”
“Our portfolio of safe, green and connected technologies is driving growth through enhancing the safety of drivers and their passengers, addressing regulatory matters that call for environmentally-friendly solutions, as well as addressing customer needs for fuel efficiency and connectivity to their daily lives while in the vehicle,” added O’Neal. “We continue to execute our plan to deliver a pipe-line full of high tech, market- relevant product offerings.”
Goldman, Sachs & Co., J.P. Morgan Securities LLC, BofA Merrill Lynch, Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., and Morgan Stanley & Co. LLC served as joint bookrunners of the offering.
