According to Reuters, informed sources, out of bankruptcy two years ago, Delphi Automotive Systems (Delphi Automotive) has recently hired JP Morgan Chase and Goldman Sachs Group Inc. in connection with its initial public offering (IPO), and is expected to start early in the third quarter of this year IPO project .
One source said that because the company’s shareholders are still considering whether to participate in IPO activities or how many stocks to sell, the company has not yet decided on the size of the IPO’s funding. However, after starting the IPO, Delphi’s market value is expected to reach 10 billion US dollars. The source said that Barclays Capital, Deutsche Bank, Citigroup and Bank of America Merrill Lynch will be the contact book managers of the company's IPO activities.
Delphi Automotive, originally a subsidiary of General Motors, is still one of the major component suppliers to the US automotive market. The company stepped out of bankruptcy and restructuring in October 2009. After Delphi repurchased shares of the company from former parent company General Motors and the United States Federal Pension Insurance Company (PBGC), creditors including Silver Point Capital LP and Elliott Management acquired a nearly 3.5 billion U.S. dollar non-performing loan at the end of 2009. Delphi Motors and injected $900 million into it.
According to reports, Delphi Automotive is expected to submit IPO activity application materials to the US Securities and Exchange Commission in the coming weeks. At the same time, the company may also apply for a 1.25 billion U.S. dollar revolving credit facility in the future to address future liquidity problems the company may face.
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