Banking, finance, and taxes
Goldman Sachs Prices Its Own Secondary (GS)
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The 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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