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Banking, finance, and taxes

Goldman Sachs Prices Its Own Secondary (GS)

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By Douglas A. McIntyre Updated Published
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goldman-sachs-logoThe Goldman Sachs Group, Inc. (NYSE: GS) has announced the pricing of its highly anticipated secondary offering of 40,650,407 shares of its common stock.  The pricing went off at $123.00 per share in the underwriting, and the company said it will have raised total gross proceeds of roughly $5 billion.

The company is acting as its sole underwriter, and the firm listed that it has an option to purchase up to an additional 6,097,561 shares of common stock to the extent that it sells more than 40,650,407 shares.  An over-allotment option, for itself.

Goldman Sachs closed yesterday at $130.15, and shares right at the open are trading at $123.50 in active trading.  As the company plans to pay back the TARP funds, you can imagine that the other healthy banks and brokers will be paying close attention to this trading today.

JON C. OGG

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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