Nov. 17 (Bloomberg) — Delphi Automotive Plc, the former parts unit of General Motors Co., raised $530 million in its initial public offering, pricing the shares at the low of the range.
The company sold 24 million shares for $22 each, according to data compiled by Bloomberg, after offering them for $22 to $24 apiece. Delphi, based in Troy, Michigan, will trade on the New York Stock Exchange under the symbol DLPH.
The price range valued Delphi at a discount to other North American auto-parts makers as most of the proceeds went to the largest shareholder, Paulson & Co. The company had originally discussed a $1 billion IPO, with plans to use the funds for debt payments and working capital.
“It is impressive that they are able to get a cyclical company like Delphi public in a tough market,” said Wayne Wilbanks, chief investment officer at Wilbanks, Smith & Thomas in Norfolk, Virginia, which manages about $1.8 billion. “The recent bump in the market” gave them a short window to get the deal done, he said.