The initial public offering (IPO) of auto parts maker Delphi Automotive PLC priced at $22 on November 16. A total of 24.1 million shares were issued, mostly being sold by existing stockholders. Hedge fund manager John Paulson was the largest shareholder to sell these shares, Bloomberg reports
A statement released on November 17 indicates that the company's shares have begun trading on the New York Stock Exchange under the ticker symbol DLPH.
Documents filed with the Securities and Exchange Commission indicate that the average price per share paid when Delphi went bankrupt was 67 cents, according to the media outlet. If Paulson paid this amount and then sold his shares at the price of $22, he generated $453 million on a $14 million investment.
The improving IPO market has been attributed by many market experts to increasing values of the S&P, the media outlet reports.
"There are some positive signs, but we'll continue to see some choppiness," Herb Engert, Ernst & Young LLP's strategic growth markets leader for the Americas, told the media outlet. "Companies will continue to look for opportunities as they present themselves."