Kuwait Investment Authority, the country’s sovereign wealth fund, decided against buying General Motors Co. shares after the sale price was raised, according to a person familiar with the matter.
GM’s owners, including the U.S. Treasury, sold shares at $33 each in an initial public offering on Nov. 17. The automaker had filed with the Securities and Exchange Commission on Nov. 3 to offer the shares for $26 to $29 each. The company raised more than $20 billion in the IPO, which reduced the U.S. government to a minority shareholder.
KIA’s Managing Director Bader al-Saad said on Nov. 6 that Kuwait would look into the IPO’s price range before deciding to buy shares in the automaker. “If something is cheap, we are interested, of course,” al-Saad said at the time.
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